Use T-accounts to track the flow of costs through a job-order costing system using the company data provided Note: This company applies overhead at a rate of 80% of Direct Labor Costs (Applied OH 0.80 x Direct Labor Dollars) Given the following data: Purchases Beginning Account Balances Ending 76,000 Raw Materials Raw Materials 70,000 50,000 9,000 Manufacturing Supplies Manufacturing Supplies 6,000 4,000 Office Supplies 2,000 Office Supplies 4,000 2,000 900,000 Work in Process Sales 65,000 47,000 16,000 Finished Goods Administrative Salaries 45,000 35,000 Direct labor 95,000 Production employees fringe benefits 3,000 Sales Commissions 80,000 Production supervisors 17,000 salaries Plant depreciation 11,000 Office depreciation 12,000 Plant maintenance 10,000 Plant Utilities 18,000 Office utilities 7,000 Office Maintenance 5,000 Production Equipment 6,000 Rent Office Equipment Rent 4,000 A. Calculate the following: Cost of Goods Manufactured Cost of Goods Sold Applied Overhead Amount of Under or Over Applied Overhead B. Prepare an Income Statement in Excel using the template given below. Make sure to show all your work including the flow of costs through specific inventory accounts to arrive at Cost of Goods Sold Sales Less: Cost of Goods Sold (COGS) Gross Profit Less: Selling, Administrative and General Expenses 1 2. 3. 4. 5. 6. 7 Total SGA Expenses (subtotal) Net Income