Record the following transactions which occurred during Jan 2015 in the appropriate general ledger accounts (t-accounts): Balances brought forward on 1/1/14 Material inventory control exist10,000 WIP inventory control exist12,000 Finished goods inventory control exist8,000 Transactions during January: Purchase raw materials on credit exist20,000 Material (direct) used in production exist8,000 Material (indirect) used in production exist3,000 Factory labour cost incurred (75% direct) exist10,000 Factory overhead: Rent exist5, 500 water exist3, 500 Insurance exist1, 500 Electricity exist1,000 Equipment depreciation exist2,000 Maintenance exist1, 500 Sundry exist6, 500 All factory overhead costs (incurred) charged to production Costs finished goods manufactured was exist45,000 Cost of goods sold was exist40,000 Sales revenue was exist65,000