The following events apply to Milligan Manufacturing Company. Assume that all transactions are cash transactions unless otherwise indicated Transactions for the 2017 Accounting Period 1. The company was started on January 1, 2017, when it acquired $140,000 cash by issuing common stochk 2. The company purchased $40,000 of direct raw materials with cash and used $2,430 of these materials to make its products in January 3. Employees provided 900 hours of labor at $5.70 per hour during January. Wages are paid in cash. 4. The estimated manufacturing overhead costs for 2017 were $64,800. Overhead is applied on the basis of direct labor hours. The company expected to use 12,000 direct labor hours during 2017. Calculate an overhead rate and apply the overhead for January to work in process inventory. 5. The employees completed work on all inventory items started in January. The cost of this production was transferred to the Finished Goods Inventory account. Determine the cost per unit of product produced in January, assuming that a total of 1,800 units of product were started and completed during the month. 6. The company used an additional $31,050 of direct raw materials and 11,500 hours of direct labor at $5.70 per hour during the remainder of 2017. Overhead was allocated on the basis of direct labor hours 7. The company completed work on inventory items started between February 1 and December 31, and the cost of the completed inventory was transferred to the Finished Goods Inventory account. Determine the cost per unit for goods produced between February 1 and December 31, assuming that 23,000 units of inventory were produced. If the company desires to earn a gross profit of $2.70 per unit, what price per unit must it charge for the merchandise sold? 8. The company sold 22,000 units of inventory for cash at $9.60 per unit. Determine the number of units in ending inventory and the cost per unit incurred for this inventory 9. Actual manufacturing overhead costs paid in cash were $65,700 10. The company paid $37,800 cash for selling and administrative expenses 11. Close the Manufacturing Overhead account. 12. Close the revenue and expense accounts