TRANSACTIONS WORK-IN PROCESS I Quantity scheduled for production 12,000 1. Issued common stock receiving $5,000,000 2. Raw material purchased 3.Rawmaterialpurchased3.Rawmaterialtransferredtowork-inTgrocess$25,000$22,000 4. Direct labor 2.000 hours@ 510 hour 5. Applied manufacturing overhead $5 per direct labor bour 6. Transferred to work-in-process II 9000 units 7. Remaining in inventory are 3000 units 2/3 complete for raw material and 1/3 complete for conversion costs TRANSACTIONS WORK-IN-PROCESS II 8. Raw materials purchased $100,000 9. Raw material transferred to work-in-process $90,000 10. Direct labor 3000 hours a$20 bour 11. Applied manufacturing overhead $5 per direct labor hour 12. Transferred to finished goods 6000 units 13. Remaining in inventory 3000 units 100% complete for raw materials and 50% percent complete as to conversion costs OPERATING TRANSACTIONS 14. Sold 5000 units at 4 times unit cost 15. Selling expenses are 10% of sales 16. Administrative expenses $75,000 17. Actual manufacturing overhead paid in cash $24,000