Required:

A. Journalize the above transactions.

B. Compute Cost of Goods Manufactured and Cost of Goods Sold(adjusted for under or over-applied Manufacturing Overhead). Show your work below.

Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Raw materials Work in process Finished goods Beginning Balance $14,000 $27,000 $62,000 Ending Balance $22,000 $9,000 $77,000 The following transactions occurred during the year: Raw materials were purchased, $315,000. Raw materials were requisitioned for use in production, $307,000 ($281,000 direct and $26,000 indirect). The following employee costs were incurred: direct labor, $377,000; indirect labor, $96,000; and administrative salaries, $172,000. Factory utility costs, $10,000. Depreciation for the year was $127,000 of which $120,000 is related to factory operations and $7,000 is related to selling, general, and administrative activities. Manufacturing overhead applied for the year was $231,000 Under- or over-applied Manufacturing Overhead, if any, is closed out to Cost of Goods Sold