uestion 3 (25 Marks Part I Lockhart Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month is $39,000 and at the end of the month is $47,000. The cost of goods manufactured for the month is S188,000. The actual manufacturing overhead cost incurred is $71,000 and the manufacturing overhead cost applied to Work in Process is $67,000 Required 1) Write down the journal entry to apply the manufacturing overhead. (3 Marks) 2) Find the adjusted cost of goods sold. (4 Marks) Part II Financial data for Gresson Inc, for last year appear below: Gresson Company Balance sheet (in dollars Ending Balance Beginning Balance Assets: Cash Accounts receivable nventor PPE (net Investment in Broadwood compan Land (undeveloped Total assets 40,000 25,000 15,000 40,000 15,000 30,000 165,000 30,000 27,500 12,500 45,000 12,500 30,000 157,500 Liabilities and owners' equit Accounts payable Long-term debt Owners3 equit Total liabilities and owners' equit 22,500 125,000 17,500 165,000 17,500 125,000 15,000 157,500 Gresson Company Income statement (in dollars 305,500 Sales Less operating expenses Net operating income Less interest and taxes: 274950 30,550 Interest expense Tax expcnse 15,000 5,000 20,000 10,550 Net income Required 1) Compute Gresson's margin, turnover, and return on investment for last year. (5 Marks) 2) The minimum required return for Gresson is 25%. Find Gresson's residual income. (3 Marks) 3) Find Gresson's net dividends payout last year