Using equations (materials, WIP, FG, income statement and T- accounts( Actual OH, applied OH)

PROBLEM 3-23 Journal Entries; T-Accounts; Cost Flows [L04, L05, L07] Almeda Products. Inc., uses a job-order costing system. The company's inventory balances on April 1. the start of its fiscal year, were as follows: Raw materials . $32,000 Work in process $20,000 Finished goods $48,000 During the year, the following transactions were completed: a. Raw materials were purchased on account, $170,000. b. Raw materials were issued from the storeroom for use in production, $180,000 (80% direct and 20% indirect). c. Employee salaries and wages were accrued as follows: direct labor, $200,000; indirect labor. $82,000; and selling and administrative salaries, $90,000. d. Utility costs were incurred in the factory, $65,000. c. Advertising costs were incurred, $100,000. f. Prepaid insurance expired during the year, $20.000 (90% related to factory operations, and 10% related to selling and administrative activities). g. Depreciation was recorded. $180,000 (85% related to factory assets, and 15% related to sell- ing and administrative assets). h. Manufacturing overhead was applied to jobs at the rate of 175% of direct labor cost. i. Goods that cost $700.000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totaled $1,000,000 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $720,000