The May 1" balances for the following accounts are: Raw Materials Inventory Work in Process Finished Goods Inventory $ 9,500 ss Inventory 9,400 (Job 1006 -$3,200; Job 1007- S6,200) a. Purchased materials on account, $31,000 b. Issued materials to production as follows: Job 1006 $2,000 Job 1007-$5,000 Job 1008-$2,000 Job 1009 -$3,000 Job 1010-$4,000 Job 1011 -$3,000 c. Issued indirect materials to production, $7,500. d. The company processed payroll and incurred the following costs: a. The direct labor rate is $10.00 per hour Direct labor hours (DLH) incurred are as follows: (Job 1006- 140 DLH; Job 1007- 56 DLH: J Job 1010 -125 DLH: Job 1011-310 DLH) ob 1008 305 DLHi Job 1009 75 DLI b. Indirect factory labor, $40,800; c. Selling department salary, $11,500; d. Selling department commissions, S6, 900 e. Administrative personnel salary, $12,500. e. Incurred various actual costs on account: . Depreciation on factory equipment, $10,500; Depreciation on equipment used by administrative personnel, $1,500; Factory utilities, $5,000; Corporate headquarters utilities, $950; Property Taxes on factory equipment, $4,950; . .Property taxes on corporate headquarters, $2,000; Maintenance, 1,100 for corporate headquarters and $7,900 for plant. The company uses normal costing. It allocates manufacturing overhead costs using budgeted rate per direct labor hour. Budgeted manufacturing overhead costs for the period were $540,000 and budgeted direct labor- hours were 12,000 DLHs. Calculate the predetermined overhead rate and journalize the applied f. manufacturing overhead cost for the period (Show your calculations) scheduwe of job cost.) Sold Jobs a 1006 and a 1007 (Hin: you will need to determine the cost of g. Completed Jobs #1006 1007, and 1011 h. Customers were billed So 000 for Job #1006 and $45,000 for Job # 1007. 1. Record the May transactions in the following General Journal. 2. Prepare a T-account for cach of the three inventory accounts (Post all transactions a Determine the ending balance of each account). 3. Prepare T-accounts for Manufactory Overhead. Compute the amount of over/under-applied overhead. State if the account is over/under-applied. Close any over/under applied overhead to the Cost of Goods Sold account (prepare a journal entry in the General Journal). 4. Compute the total cost of each job. 5. Compute the margin and margin ratios for Jobs 1006 and 1007 Prepare the case in presemtable, clean, and organized fashion