Touch Enterprises produces LCD touch screen products. The information at December 31, 2018. Touch Enterprises began operations on January 20, 2018. company reports the following Work in Manufacturing Wages Payable 70,000 Manufacturing Finished Goods Raw Materials Progress 30,000 123,000 60,000 48,000 Overhead Inventory Inventory 2,000 48,000 10,000 123,000 11,000 52,000 32,000 37,000 Required: 1. Prepare journal entries for the activity listed in the "T" accounts. 2. What is the cost of direct materials used? The cost of indirect materials used? 3. What is the cost of direct labor? The cost of indirect labor? 4. What is the cost of goods manufactured? What is the cost of goods sold (before adjusting for any under- or over allocated manufacturing overhead)? 5. What is the actual manufacturing overhead? How much manufacturing overhead was allocated to jobs? What is the predetermined manufacturing overhead rate as a percentage rate as a percentage of direct labor cost? Is manufacturing overhead under allocated or over allocated? By how much