The following account balances were taken from the records of Colin Company at the beginning of 2011: Cash $2500 Common stock $2250 Retained earnings $950 Raw materials inventory $300 Work in process inventory $220 Finished good inventory (50 units @ $3.60/unit) $180The following transactions occurred during 2011:1. Purchased $750 of raw materials with cash2. Transferred $500 of raw materials to the production department.3. Incurred and paid cash for 80 hours of direct labor at $7.50 per hour.4. Applied overhead using a predetermined overhead rate of $8.00 per direct labor hour.5. Incurred actual overhead costs of $650 cash.6. Completed work on 300 units for $3.40 per unit.7. Paid $200 in selling and administrative expenses in cash.8. Sold 200 units for $1500 cash. Assume FIFO inventory or the first units completed are the first units sold to customers.Required: