The Collins Corporation uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of materials used in production. At the beginning of the most recent year, the following estimates were made as a basis for computing the predetermined overhead rate for the year: manufacturing overhead cost, $200,000; direct materials cost 160,000 The balances in the inventory accounts as the beginning of the Accounting period were: Raw Materials Work in Process Finished Goods .. 15,000 $ 60,000 $ 200,000 The following transactions took place during the year (all purchases and services were acquired on account) a. Raw materials were purchased, $86,000. b. Raw materials were requisitioned for use in production (all direct materials), $98,000. c. Utility costs were incurred in the factory, $15,000. d. Salaries and wages were incurred as follows: . $175,000 $70,000 Selling and administrative salaries $125,000 Indirect labor e. Maintenance costs incurred in the factory, $15,000. f. Advertising costs incurred, $89,000. g. Depreciation recorded for the year, $80,000 (80% relates to factory assets and the remainder relates to selling, general, and administrative assets) h. Rental cost incurred on buildings, $70,000, (75% of the space is occupied by the factory, and 25% is occupied by sales and administrtion) i. Miscellaneous selling, general, and administrative costs incurred, $11,000 j. Manufacturing overhead cost was applied to jobs as per company policy k. Cost of goods manufactured for the year, $450,000. I. Sales for the year totaled $1,000,000. These goods cost $580,000 to produce. Required: Prepare journal entries for each of the above transactions. Assume that all transactions with external suppliers, employees, and customers were conducted on account. What is the ending inventory for Raw Materials, Work-In-Process, and Finished Goods? b