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IV. AJ Smith Compay has the following beginning inventory balances at 1/1/2019 Raw materials $16,000 WIP...

IV. AJ Smith Compay has the following beginning inventory balances at 1/1/2019
Raw materials $16,000
WIP $25,000 all in Job 111
FinishedGoods $-   
AJ Smith company had the following transactions in January.
1.  Purchased Raw Materials on account for 240,000
2.  Salaries paid to factory workers was $70,000.  All paid in cash.
3.  Factory rent  of 60,000 and utility bills for 45,000 for the month were paid.
and  Depreciation on factory equipment was $95,000.
4.  Material and labor was charged to jobs in WIP as follows:
Material Labor Machine Hours
Job 111 40,000 15,000 15,000
Job 112 70,000 25,000 23,000
Job 113 50,000 5,000 22,000
General use 10,000 25,000
Total 170,000 70,000 60,000
Make a journal for the material and the labor costs to jobs  (2 Journals)
5.  Manufacturing overhead is applied at a rate of $4 per machine hour.  There
were 60,000 machine hours in the month.  Make the entry to apply overhead.
6.  Jobs 111 and 112 were completed and transferred to finished Goods
7.  Job 111 was sold for $200,000.  Make the journals for this.
8.  What is the over or under applied overhead amount ________________
over or under__________________
9.  What is the total ending inventory incl RM, WIP and FG at 1/31/2019
(Remember to count beginning inventory)

Please do 1-9

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