Diaz Company employs a job cost system. As of January 1, 2019, its records showed the following inventory balances:

Materials

Work in process

Finished goods (30,000 units @ $3)

$31,500 56,500 90,000

The work in process inventory consisted of two jobs:

Job No. 378 379

Direct Direct Materials Labor $7,000 $12,000 9,000 15,000 $16,000 $27,000

Manufacturing Overhead Total

$ 6,000 $25,000 7,500 31,500 $13,500 $56,500

Summarized below are the production and sales data for the company for

2019:

1. Materials purchased $95,000
2. Materials requisitioned: direct materials for Job No. 378, $16,000; for

Job No. 379, $32,000; and Job No. 380, $36,000; supplies (indirect materials) requisitioned, $4,500.

3. Factory payroll distributed: direct labor to Job No. 378, $30,000; to Job No. 379, $45,000; and to Job No.380, $60,000; indirect labor, $15,000

4. Manufacturing overhead is assigned to work in process at $0.50 per dollar of direct labor (the same rate as in 2018)

1. Job Nos. 378 and 379 were completed
2. Factory indirect costs (other than indirect labor and indirect materials);

depreciation, $7,000; heat, light, and power, $3,000; and miscellaneous, $5,000.

7. Sales for the year amounted to $320,000; cost of goods sold, $197,000.

Required:

Use T-accounts to illustrate the journal entries for the above summarized transactions.