The following transactions occurred in April at StevesCabinets, a custom cabinet firm.Purchased $80,000 of materials on account.Issued $4,000 of supplies from the materials inventory.Purchased $56,000 of materials on account.Paid for the materials purchased in transaction (1) using cash.Issued $68,000 in direct materials to the productiondepartment.Incurred direct labor costs of $100,000, which were creditedto Wages Payable.Paid $106,000 cash for utilities, power, equipmentmaintenance, and other miscellaneous items for themanufacturing plant.Applied overhead on the basis of 125 percent of $100,000direct labor costs.Recognized depreciation on manufacturing property, plant,and equipment of $50,000.The following balances appeared in the accounts of StevesCabinets for April.Required:a. Prepare journal entries to record the transactions.b. Prepare T-accounts to show the flow of costs during theperiod from Materials Inventory through Cost of Goods Sold.The following transactions occurred in April at StevesCabinets, a custom cabinet firm.Purchased $80,000 of materials on account.Issued $4,000 of supplies from the materials inventory.Purchased $56,000 of materials on account.Paid for the materials purchased in transaction (1) using cash.Issued $68,000 in direct materials to the productiondepartment.Incurred direct labor costs of $100,000, which were creditedto Wages Payable.Paid $106,000 cash for utilities, power, equipmentmaintenance, and other miscellaneous items for themanufacturing plant.Applied overhead on the basis of 125 percent of $100,000direct labor costs.Recognized depreciation on manufacturing property, plant,and equipment of $50,000.The following balances appeared in the accounts of StevesCabinets for April.Required:a. Prepare journal entries to record the transactions.b. Prepare T-accounts to show the flow of costs during theperiod from Materials Inventory through Cost of GoodsSold.BeginningEndingMaterials Inventory$148,200?Work-in-Process Inventory33,000?Finished GoodsInventory166,000$143,200Cost of Goods Sold263,400