22. Raw Materials Inventory Journal Entries. The balance in Sly Company's raw materials inventory account was $45,000 at the beginning of April, Raw materials purchased during the month totaled $55,000. Sly used $48,000 in direct materials and $14,000 in indirect materials for the month Required: a. Prepare separate journal entries to record the following items: 1. Raw materials purchased for the month, assuming all purchases were on account 2. The transfer of direct materials into production 3. The transfer of indirect materials into production b. Prepare a T-account for raw materials inventory and include the beginning balance for April, Post the appropriate items from the journal entries in part a to this account, and calculate the ending balance in raw materials inventory. 23. Work-in-Process Inventory Journal Entries. The balance in the work-in-process inventory account of Quest, Inc., was $900,000 at the beginning of May. Manufacturing costs for the month are as follows: $ 340,000 Direct materials Direct labor $ 810,000 Manufacturing overhead applied $660,000 Cost of goods manufactured Required: $1,960,000 a. Prepare separate journal entries to record the following items. (Hint: Use Figure 2.7 as a guide.) 1. Direct materials placed in production for the month 2. Direct labor used during the month, assuming employees will be paid next month 3. Manufacturing overhead applied for the month 4. Transfer of cost of goods manufactured to finished goods Prepare a T-account for work-in-process inventory and include the beginning balance for May. Post the appropriate items from the journal entries in part a to this account, and calculate the ending balance in work-in-process inventory. Raw Materials Inventory Journal Entries a. (1) Raw materials inventory Accounts payable (2) Work in process inventory (3) Manufacturing overhead 55,000 Correct 55,000 Correct Correct Incorrect Correct Incorrect b. No posting to a T-account is required. Calculate the ending balance of Raw materials inventory and enter the amount below. (Enter the dollar amount without any debit or credit notation.) Ending Raw materials inventory balance= Work in Process Inventory Journal Entries a. (1) (3) (4) b. No posting to a T-account is required. Calculate the ending balance of Work in process inventory and enter the amount below. (Enter the dollar amount without any debit or credit notation.) Ending Work in process inventory balance= Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect