Check my work 1 Exercise 7-22 (Static) Assigning Costs to Jobs (LO 7-4, 2) The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1.5 points eBook Print References 1. Purchased $80,000 of materials on account 2. Issued $4,000 of supplies from the materials inventory. 3. Purchased $56,000 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $68,000 in direct materials to the production department 6. Incurred direct labor costs of $100,000, which were credited to Wages Payable. 7. Paid $106,000 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. B. Applied overhead on the basis of 125 percent of $100,000 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $50,000, The following balances appeared in the accounts of Steve's Cabinets for April Beginning Ending Materials Inventory $148,200 Work-in-Process Inventory 33,000 Finished Goods Inventory 166,000 $143,200 Cost of Goods Sold 263, 400 Seved Help Save & Exit Submit Check my work 1 Complete this question by entering your answers in the tabs below. ints Required A Required Prepare Journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry req the first account feld.) View journal entry worksheet eBook Print View transaction list References No Transactions General Journal Debit Credit Materials inventory Account payable 80,000 80,000 B 2. Manufacturing overhead control Materials inventory 4,000 4,000 3 56.000 Materials inventory Accounts payable 56,000 D 4 Accounts payable 80,000 annon M Prev 1 of 8 Next > w Saved Help Save & Exit Submit Check my work 1 Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold Book Beg bal 1. 3. Materials Inventory 148,200 80,000 56,000 Beg. bal 6 Work-In-Process Inventory 33,000 68,000 240,600 Finished 100,000 125,000 4,0092 68,000 rences 6. 8. End, bal 212,200 End, bal. 85.400 Manufacturing Overhead Control Applied Manufacturing Overhead Beghal 125,000 Beg bal 7 9 2. 106,000 50,000 4,000 End, bal 125,000 End, bal 160,000