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Custom Hot Rods, Inc. has provided you the January 2021 account balances listed below: Account Balances Finished Goods Inventory, January 31 $41,365 Factory Supervisory Salaries 14,855 Income Tax Expense 6,440 Raw Materials Inventory, January 1 11,635 Work In Process Inventory, January 31 21,475 Sales Salaries Expense 11,224 Factory Depreciation Expense 3,600 Finished Goods Inventory, January 1 35,875 Raw Materials Purchases 124,850 Work In Process Inventory, January 1 17,880 Factory Utilities Expense 5,248 Direct Labor 86,335 Raw Materials Inventory, January 31 23,540 Sales Returns and Allowances 5,150 Indirect Labor 29,710 Instructions Prepare Schedule of Cost of Goods Manufactured for Custom Hot Rods, Inc. for the month ended January 31, 2021. 2. Agriculture Sprinkler, Inc. had the following transactions during its first month of operations: 1. Purchased raw materials on account, $26,925. Raw Materials of $21,440 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $1,630 was classified as indirect materials. 3. Factory labor costs incurred were $41,150 of which $37,858 pertained to factory wages payable and $3,292 pertained to employer payroll taxes payable. 4. Time tickets indicated that $37,300 was direct labor and $3,850 was indirect labor. 5. Overhead costs incurred on account were $52,865. 6. Manufacturing overhead was applied at the rate of 140% of direct labor cost. 7. Goods costing $11,100 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $36,515 to manufacture were sold on account for $57,720. Instructions Journalize the above transactions for Agriculture Sprinkler, Inc. Omit Explanations

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