eBook Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800. c. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,500. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on the factory expired with a credit to the prepaid insurance account, $6,200. g. Factory utilities, $5,500. h. Advertising paid with cash, $7,900. 1. Depreciation on office equipment, $800; on sales vehicles, $1,680. J. Legal fees incurred but not yet paid for preparation of lease agreements, $750. k. Overhead is charged to production at a rate of $18 per direct labor hour. Records show 4,000 direct labor hours were worked during the month. I. Cost of jobs completed during the month, $150,000. The company also reported the following beginning balances in its inventory accounts: Materials Inventory $7,500 Work-in-Process Inventory 37,000 Finished Goods Inventory 50,000 Required: 1. Prepare journal entries to record the transactions occurring in May. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Check My Work ment ellock h. 00000 Check My W 0 0 0 0 0 0 0 0 progress-false P) 1 00 All much and Previous Save and Eat Sub Age fording 10475 3. Prepare T-accounts for Materials Inventors Overhead Coneel, Works Inventory and shed Goodstory at the to the authe order in which they were jumalized Chuck My Work Materials Inventory Work in Process Inventory Finished Goods Inventory Overhead Central MacBook Air Subt Agen Overhead Control 3. Prepare a statement of cost of goods manufactured Jerico Company Statement of Cost of Goods Manufactured For the Month Ended May 31, 20xx Overhead Check My Work All work seve Save and Ext Previous Segment for Grading rk Assignment eBook 3. Prepare a statement of cost of goods manufactured Jerico Company Statement of Cost of Goods Manufactured For the Month Ended May 31, 20xx GO LOO Overnead Manufacturing costs added 00000 Cost of goods manufactured 4. If the overhead variance is all allocated to cost of goods sont, by how much will cost Check My Work 5/5 items By All work saved. goods sold decrease or increase Previ Save and Ext Submit Asignment for Grading 00