Exercise 7-21 Assigning Costs to Jobs (LO 7-1, 2) The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm 1. Purchased $80,000 of materials on account. 2. Issued $4,000 of supplies from the materials inventory 3. Purchased $56,000 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash 5. Issued $68,000 in direct materials to the production department. 6. Incurred direct labor costs of $100,000, which were credited to Wages Payable 7. Paid S106,000 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 125 percent of $100,000 direct labor costs 9. Recognized depreciation on manufacturing property, plant, and equipment of $50,000 The following balances appeared in the accounts of Steve's Cabinets for April Beginning Ending $148,200 Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold 33,000 166,000 $143,200 263,400