ebook Print Item 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, $60,100. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,700. c. Payroll for the month: direct labor, $75,000; indirect labor, $35,000; 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. 9. Factory utilities, $5,500. h. Advertising paid with cash, $7,900. 1. Depreciation on office equipment, $800; on sales vehicles, $1,650. 3. 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. 1. Cost of jobs completed during the month, $160,000 The company also reported the following beginning balances in its inventory accounts: Materials Inventory $7,500 37,000 Work-in-Process Inventory 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 a. Materials 60.100 Accounts Payable 60,100