The following data from the just completed year are taken from the accounting records of Kenton Company: Sales $ 975,000 Direct labor cost $ 165,000 Raw material purchases $ 229,000 Selling expense $ 48,750 Administrative 

expenses $ 146,250 Manufacturing overhead applied to work in process $ 180,000 Actual manufacturing overhead costs $ 175,050 Inventories: Beginning Ending Raw materials $ 18,000 $ 17,500 Work in process $ 20,000 $ 14,750 

Finished goods $ 9,000 $ 11,000 Required: 1. Prepare a  schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare  a schedule of cost of goods sold. Assume that the 

company's under applied or over applied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Job Order Costing (5% Grade) The Searider Company uses a job-order costing system. The following transactions occurred in April: a. Raw materials were purchased on account, $180,000. b. Raw materials used in production, $148,000 ($130,000 direct materials and $18,000 indirect materials). c. Accrued direct labor cost of $75,000 and 

indirect labor cost of $105,000. d. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead costs accrued during April, $118,000. f. The company applies manufacturing overhead cost to production using a predetermined overhead rate of $6 per machine-hours. A total of 46,000 machine-hours were used in April. g. Jobs costing $495,000 according to their job cost sheets were completed during April and transferred to 

Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 30% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $39,000.