Exercise 7-22 Assigning Costs to Jobs (LO 7-1, 2) Sunset Products manufactures skateboards. The following transactions occurred in March 1. Purchased $20,500 of materials on account. 2. Issued $1,050 of supplies from the materials inventory 3. Purchased $25,100 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $30,100 in direct materials to the production department. 6. Incurred direct labor costs of $25,500, which were credited to Wages Payable 7. Paid $21,600 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop 8. Applied overhead on the basis of 110 percent of direct labor costs 9. Recognized depreciation on manufacturing property, plant, and equipment of $5,100 The following balances appeared in the accounts of Sunset Products for March Beginning Ending $ 9,150 16,600 Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold 65,100 $36,600 73,100