a. Purchased materials on account, $460,000. b. Incurred total manufacturing wages of $119,000, which included both direct labor and indirect labor. Used direct labor in manufacturing as follows: Direct Labor Chalet 13. .$ 14,100 Chalet 14. $ 28,300 Chalet 15.. $ 19,700 Chalet 16.. 21,600 c. Requisitioned direct materials in manufacturing as follows: Direct Materials Chalet 13. $ 41,500 Chalet 14. $ 56,600 Chalet 15 $ 62,900 Chalet 16............ $ 66,400 d. Depreciation of manufacturing equipment used on different chalets, $6,300. e. Other overhead costs incurred on Chalets 1316: Equipment rentals paid in cash...... $ 10,600 Prepaid plant insurance expired ..... $ 6,000 f. Allocated overhead to jobs at the predetermined rate of 60% of direct labor cost. g. Chalets completed: 13, 15, and 16. h. Chalets sold on account: 13 for $92,000 and 16 for $149,000. 1. Record the preceding events in the general journal. 2. Post the appropriate entries to the T-accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. 3. Summarize the job costs of the unfinished chalet and show that this equals the ending balance in Work in Process Inventory. 4. Summarize the job cost of the completed chalet that has not yet been sold and show that this equals the ending balance in Finished Goods Inventory. 5. Compute the gross profit on each chalet that was sold. What costs must the gross profit cover for Sherborn Homes? a. Purchased materials on account, $460,000. b. Incurred total manufacturing wages of $119,000, which included both direct labor and indirect labor. Used direct labor in manufacturing as follows: Direct Labor Chalet 13 $ 14,100 Chalet 14 $ 28,300 Chalet 15 19,700 Chalet 16 $ 21,600 c. Requisitioned direct materials in manufacturing as follows: Direct Materials Chalet 13 41,500 Chalet 14 $ 56,600 Chalet 15 62,900 Chalet 16 $ 66,400 d. Depreciation of manufacturing equipment used on different chalets, $6,300. e. Other overhead costs incurred on Chalets 1316: Equipment rentals paid in cash $ 10,600 Sherborn Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May: (Click the icon to view the events.) Read the requirements. Requirement 1. Record the events in the general journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Start with the entry from event (a). Purchased materials on account, $460,000. Journal Entry Date Accounts Debit Credit a. Raw Materials Inventory 460,000 Accounts Payable 460,000