During May, Sharpton Corporation recorded the following:

Raw materials, beginning balance Work in process, beginning balance Finished Goods, beginning balance

$$23,500$

$$43,000$

$$61,500$

Transactions:

$(1)$ Raw materials purchases

$(2)$ Raw materials used in production $($all direct materials$)$

$(3)$ Direct labor

$(4)$ Manufacturing overhead costs incurred

$(5)$ Manufacturing overhead applied

$(6)$ Cost of units completed and transferred from Work in Process to Finished Goods

$(7)$ Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold

$(8)$ Finished goods are sold

$$76,000$

$$95,000$

$$85,000$

$$77,500$

$$100,000$

$$263,000$

$$299,000$

Required:

Complete the following T$-$accounts by recording the beginning balances and each of the transactions listed above.

$\backslash$table$[[$Raw Materials,$],[$Beginning Balance,,,$],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

$\backslash$table$[[$Work in Process$],[$Beginning Balance,,,,$],[,,,,],[,,,,],[,,,,],[,,,,],[,,,,],[,,,,],[,,,,],[,,,,],[,,,,]]$