Radical Jets produces and sells custom built jets for corporate and personal use. The following information was found in the general ledger: Account Beginning Balance Materials inventory Goods in process $50,000 $200,000 Finished Goods $325,000 Current jobs: Job No. Direct Materials Direct Labor Factory Total Costs Overhead 2145 $9,000 $12,000 2146 $8,000 $10,000 2147 $7,500 $9,000 2148 $6,000 $7,500 2150 $5,000 $7,000 Indirect $4,300 Totals $3,600 Factory overhead is applied based on direct labor costs. The company estimates that factory overhead is $136,500. Required: 1. Record the entry for the purchase of $34,000 in materials on account. 2. Record the entry for the requisition of materials 3. Record the entry for labor 4. Record the application of factory overhead 5. Record the completion of jobs: 2145, 2146, and 2147. 6. Record the sale of job 2145 for $50,000. 7. What are the ending balances for the three inventory accounts?