Record the following journal entries using the following assumptions:

• Per Note 5, Accounts Payable balances exclude Accrued Expenses, and the only activity for A/P includes purchases for Raw Materials and Cash payments for those purchases.

• The Reserve Account is netted against Finished Goods Inventory only, therefore, use the gross amounts for Finished Goods Inventory Beginning and Ending balances in the T-Account.

• During the year, $150,000 of Manufacturing Overhead was debited to the Work-In-Process Inventory. Other Work-In-Process activity included only transfers-in from Raw Materials, and transfers-out to Finished Goods.

1. Cash payments of $477,187 made on account.

2. Purchases of Raw Materials on account.

3. Transfer of Raw materials to Work-In-Process.

4. Transfer of Work-In-Process to Finished Goods.

5. Cost of Finished Goods transferred to Cost of Sales.