Burton Company Custom-Produces Specialty Souvenir Products

Burton Company custom-produces specialty souvenir products. During the current accounting period, the company completed the following transactions:
(a) Purchased $20,000 of raw materials, paying cash.(b) Used direct materials in production as follows:
(c) Paid direct labor costs as follows:
(d) Paid cash for various actual factory overhead costs, $40,000.(e) Applied factory overhead to production using a predetermined overhead rate of $1.50 per direct labor dollar.(f) Completed Job 1.(g) Job 1 was sold for $50,000 cash.(h) Paid $1,000 for selling and administrative expenses.Required:
1) Record the data in the T-accounts provided. Post costs to the job cost sheet for Job 1 as necessary.Label the transactions (a) - (h).2) As transaction (i) post the closing entry for any underapplied or overapplied overhead assuming that the amount is written off directly against cost of goods sold.3) Prepare a schedule of cost of goods manufactured and sold assuming there were no beginning inventories.4) Compute the amount of gross profit earned on Job 1. $$\begin{array} { | l | l r | } \hline \text { Job Number } & { \text { Direct Materials } } \\\hline 1 & \$ 10,000 \\\hline 2 & 5,000 \\\hline 3 & 2,000 \\\hline \text { Total } & \$ 17,000 \\\hline\end{array}$$ $$\begin{array} { | l | l r | } \hline \text { Job Number } & \text { Direct Labor } \\\hline 1 & \$ & 10,000 \\\hline 2 & 8,000 \\\hline 3 & 6,000 \\\hline \text { Total } & \$ & 24,000 \\\hline\end{array}$$