During May, Sharpton Corporation recorded the following:

Raw materials, beginning balance

Work in process, beginning balance

Finished Goods, beginning balance

$$19,500$

$$35,000$

$$57,500$

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

$$68,000$

$$79,000$

$$77,000$

$$73,500$

$$92,000$

$$255,000$

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

$(8)$ Finished goods are sold

$$291,000$

Required:

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