Burton Company Custom-Produces Specialty Souvenir Products (C)Paid Direct Labor Costs as Follows

Burton Company custom-produces specialty souvenir products.During 2014the 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: $\begin{array}{|l|c|}\hline \text { Job Number } & \text { Direct Materials } \\\hline 1 & \$ 10,000 \\\hline 2 & 5,000 \\\hline 3 & \underline {2,000} \\\hline \text { Total } & \$ 17,000 \\\hline\end{array}$ (c)Paid direct labor costs as follows: $\begin{array}{|l|r|}\hline \text { Job Number } & \text { Direct Labor } \\\hline 1 & \$ 10,000 \\\hline 2 & 8,000 \\\hline 3 & \underline {6,000} \\\hline \text { Total } & \$ 24,000 \\\hline\end{array}$ (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 over- or underapplied or overapplied manufacturing 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.