Sweeny's Manufacturing had the opening balances in its inventory accounts as of January 1, 2020:

Raw Materials $ 9,600

Work in Process 22,200

Finished Goods 24,000

Please prepare the journal entry for the following events (#1 - #8) that occurred during 2020:

1. Sweeny purchased 120,000 in raw materials and used $110,000 in production; $23,000 was considered indirect materials.

2. The company's factory labor totaled $175,000; $75,000 was considered indirect labor.

3. Actual manufacturing overhead costs totaled:

Depreciation $18,000

Insurance 29,400

Property Taxes 16,600

Utilities 40,100

Repairs/Maintenance 9,900

$114,000

4. Manufacturing overhead is applied on the basis of direct labor hours. Sweeny estimated at the beginning of the year 10,000 direct labor hours would be incurred, and estimated total manufacturing overhead costs to be $200,000. Actual direct labor hours totaled 11,200.

5.Ending Work in Process totaled $8,700; all other jobs were completed.

6.Sweeny sold jobs costing $400,000 for $850,000 on account

7. Sweeny closed out any variance in Manufacturing Overhead Control. The company deemed the variance to be immaterial. 8.Operating expenses incurred totaled $320,000 for the period (all on account). 9. Prepare a condensed income statement. 10. Calculate ending balances in: a. Raw Materials b. Work in Process c. Finished Goods