Exercise 5 For May, Jimbo Inc, had cost of goods manufactured equal to $90,000; direct materials used $30,000 cost of goods sold, $100,000, direct labor, $38,000; purchases of materials, $40,000 cost of goods available for sale, $125,000; and total factory labor, $48,000. Work in process was $25,000 on May 1 and $15,000 on May 31. The company uses a single materials account for direct and indirect materials Required. Prepare the following: (1) A cost of goods sold statement. For brevity, show single-line items for factory overhead and direct materials used. (2) Summary general journal entries to record: (a) purchase of materials on account (b) use of materials, including direct materials of 1,000 (c) accrual of factory payroll, including indirect labor of $10,000 (use a payroll clearing account) (d) distribution of factory labor cost (e) transfer of completed work to finished goods () sales on account, at a markup equal to 100% of production cost