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

Materials $31,500

Work in process $56,500

Finished goods (30,000 units @ $3) $90,000

The work in process inventory consisted of two jobs:

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 $0.50per dollar of direct labor (the same rate as in 2018)

5.Job Nos. 378 and 379 were completed

6.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.