Required: Journalize each item below. Then, show all necessary POSTINGS for Man. OH, WIP, FGI. Then show the true amount of COGS for the period. Dave Co. is a contractor, making custom, high-dollar equipment. All items pertain to Dave Company Job A. This is a very large job, and accordingly is the only job in process during the time period in question. Last year, similar jobs used 7,600 machine hours and produced $62,320 in overhead.

1) January 1st. Dave Co. purchased $500,000 in raw materials on account.

2) January 3rd. Dave Co. requisitioned $300,000 in materials. 30% of the material was direct.

3) Dave Company incurred $40,000 for an electricity bill. 80% of this bill was associated with the manufacturing floor, the rest was not associated with manufacturing at all (administrative).

4) Labor was recorded for the period, $20,000. $12,000 was direct. The remainder ($8,000) was evenly split between a plant quality control observers salary and the administrative staff in the Presidents office.

5) Overhead was applied to the job. Total machine hours actually worked this period turned out to be 30,293.

6) WIP was completed and transferred, making the job available for sale.

7) The items were sold to a 3rd party at 25% markup over cost.

8) The manufacturing overhead account was closed and analyzed. True COGS for the period is _________________________