Scots Inc, makes custom t-shirts for colleges and high schools. They buy completed plain t-shirts and print logos. The t-shirt costs $4 each plus ink costs of $2 per unit. Direct labor is $2 per unit. Overhead is applied at 150% of direct labor cost. Scots is working on three jobs in January: Alma College Go Scots shirts, 3000. Started and finished all in January. Cheer Championship shirts, 5000. Started and finished in January. B1G basketball championship, 10000, 5000 completed in January. Ending Work in Process inventory is 0 units. Prepare journal entries for the listed transactions, most are posted at month end closing. January 3: Buys 20,000 plain shirts. Post to Raw Materials and Accounts Payable. January 3: Buys enough ink for 18,000 shirts. Post to Raw Materials and Accounts Payable. January 4: Transfers shirts and ink for 13,000 shirts from Raw Materials to Work in Process. January 31". Accrues Factory Labor for 13,000 shirts, Post to Wages Payable. January 31: Transfers Factory Labor to Work in Process. January 31: Spends $45,000 on Overhead. Post to Accounts Payable. January 31: Transfers Overhead to Work In Process based on formula. January 31: Transfers Job 1 to Finished Goods. (1) January 31: Transfers Job 2 to Finished Goods. (1) January 31: Sold two jobs for $140,000 on January 31". Post to Accounts Receivable. Include second entry to clear finished goods. 1) Will require a schedule for each job