The post-closing trial balance of Beamer Manufacturing Co. on April 30 is reproduced as follows:
Beamer Manufacturing Co.
Post-Closing Trial Balance
April 30, 2011

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000
Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000
Finished Goods .................................. 120,000
Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000
Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
Building . . . ...................................... 480,000
Accumulated Depreciation—Building ............. $ 72,000
Factory Equipment . . ............................ 220,000
Accumulated Depreciation—Factory Equipment . . . 66,000
Office Equipment ................................ 60,000
Accumulated Depreciation—Office Equipment . . . . 36,000
Accounts Payable . . .............................. 95,000
Capital Stock .................................... 250,000
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 504,000
$ 1,023,000 $ 1,023,000
During the month of May, the following transactions took place:

a. Purchased raw materials at a cost of $45,000 and general factory supplies at a cost of $13,000 on account (recorded materials and supplies in the materials account). 

b. Issued raw materials to be used in production, costing $47,000, and miscellaneous factory supplies, costing $15,000. 

c. Recorded the payroll, the payments to employees, and the distribution of the wages and salaries earned for the month as follows: factory wages (including $12,000 indirect labor), $41,000; and selling and administrative salaries, $7,000. Additional account titles include Wages Payable and Payroll. (Ignore payroll withholdings and deductions.) 

d. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-fifth of the building for its offices. 

e. Incurred various other expenses totaling $11,000. One-fourth of this amount is allocable to the office function. 

f. Transferred total factory overhead costs to Work in Process.n
n
g. Completed and transferred goods with a total cost of $91,000 to the finished goods storeroom. h. Sold goods costing $188,000 for $362,000. (Assume that all sales were made on account.) i. Collected accounts receivable in the amount of $345,000. j. Paid accounts payable totaling $158,000. Required: 1. Prepare journal entries to record the transactions. 2. Set up T-accounts. Post the beginning trial balance and the journal entries prepared in (1) to the accounts and determine the balances in the accounts on May 31. 3. Prepare a statement of cost of goods manufactured, an income statement, and a balance sheet. (Round amounts to the nearest whole dollar.)