7-23. Assigning Costs to Jobs Sunset Products manufactures skateboards. The following transactions occurred in March. 1. Purchased $30,000 of materials. 2. Issued $1.500 of supplies from the materials inventory. 3. Purchased $37,500 of materials. 4. Paid for the materials purchased in transaction (1). 5. Issued $45,000 in direct materials to the production department. 6. Incurred direct labor costs of $37,500, which were credited to Wages Payable. 7. Paid $42,250 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop. 8. Applied overhead on the basis of 140 percent of direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $7,500. The following balances appeared in the accounts of Sunset Products for March. Beginning Ending Materials Inventory Work-in-Process Inventory Finished Goods Inventory. Cost of Goods Sold $ 13,500 24,750 97,500 ? ? $ 54,750 120,000 Required a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold