Carlo started a small manufacturing plant that fabricates small scale crazy cars that race and spin. The manufacturing process starts with aluminum pellets being put into an aluminum molding machine. After the cars are shaped in the mold, they are cooled and then inspected. If the car passes inspection, the wheels are added at the end and they are transferred to finished goods. This process is completely automated. Direct material aluminum is added 100% at the beginning of the process; direct material wheels are added 100% as the last step in the process. Conversion costs are added equally throughout the process. Conversion is 45% complete for the beginning inventory work in process and 55% complete for the ending inventory work in process. At the beginning of the accounting period, Carlo estimated that production would be 6,500 cars. Estimated factory overhead is $3 , 250 . This information is to be used to determine the application rate for overhead. Estimated and actual direct labor costs totaled $2 , 200. Actual factory overhead costs totaled $2 , 500 . Selling and Administrative Expenses totaled \$1,500 The following information is available concerning the direct materials. Direct Materials-Aluminum On Direct Materials- Wheels (there are four wheels for each car) I The work in process account has the following information Beginning Work in Process contains 0 cars Ending work in process contains 380 cars The finished goods account has the following Information 10. Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period and use the account numbers as listed below instead of account names. 11. Chart of Accounts Example: Sales on Account would be Debit 11000, Credit 40000. a. In the first journal entry record the purchase of the aluminum and the wheels using cash. b. Record the materials transferred to WIP. Again use one journal entry to record the transfer of the aluminum and the wheels. c. Record the direct labor into WIP using wages payable. d. Record the applied FOH . e. Record the actual FOH using cash. f. Record the over or under applied FOH . g. Record the sale of the goods on account along with the cost of the inventory that was sold. Combine both into one journal entry showing the sale first and inventory second. All sales were made on account, aluminum and wheels and wages were paid on account. The actual FOH was paid using cash. Make sure all numbers are rounded to the nearest cent