3. Moving average P2-6 Journalizing materials transactions Milano's Specialty Clothing, Inc., uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of November 1, follows: Cash .... Materials .......... Work in process .. Accounts payable (credit) ....... Factory overhead ......... $82,250 29,500 27,000 21,000 none The following transactions were completed during the month of November: a. Materials purchases on account during the month, $74,000. b. Materials requisitioned during the month: 1. Direct materials, $57,000. 2. Indirect materials, $11,000. c. Direct materials returned by factory to storeroom during the month, $1,100. d. Materials returned to vendors during the month prior to payment, $2,500. e. Payments to vendors during the month, $68,500. Chapter 2 - Accounting for Mate Required: 1. Prepare general journal entries for each of the transactions. 2. Post the general journal entries to T-accounts. 3. Balance the accounts and report the balances of November 30 for the following: a. Cash b. Materials c. Accounts Payable