1. Prepare summarized journal entries for the month to record:

A Transfer of each completed job to the Finished Goods Inventory account.

B Cost of goods sold.

C Removal of any underapplied or overapplied overhead from the factory overhead account. (Assume the amount is not material.

2. Prepare a cost of goods manufactured statement for May

Problem 1: The following information reflects Wallace Company's job order production activities for May $16, 000 15, 400 Raw materials purchase Factory payroll cost Overhead costs incurred Indirect materials Indirect labour Other factory overhead 5,000 3, 500 9,500 Wallace's predetermined overhead rate is 150% of direct labour cost. Costs allocated to the three jobs worked during May as follows: Job 401 Job 402 Job 403 In-process balances on April 30 Direct materials $3,600 Direct labour 1, 700 Applied overhead 2, 250 Costs during May Direct materials 3, 550 $3,500 400 Direct labour 6,000 Applied overhead 5, 100