Exercise 7-23 (Algo) Assigning Costs to Jobs (LO 7-1, 2) Sunset Products manufactures skateboards. The following transactions occurred in March. 1. Purchased $26,500 of materials on account. 2. Issued $1,650 of supplies from the materials inventory 3. Purchased $26,300 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $31,300 in direct materials to the production department. 6. Incurred direct labor costs of $31,500, which were credited to Wages Payable. 7. Paid $22,800 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 $6,300. The following balances appeared in the accounts of Sunset Products for March. Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning Ending $10,950 17,800 66,300 $37,800 74,300 Required: Check Finished Goods Inventory Cost of Goods Sold 66,300 $37,800 74,300 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B C D E F G H Purchased $26.500 of materials on account. Prev 1 of 11 Next > k ces Finished Goods Inventory 66,300 $37,800 Cost of Goods Sold 74,300 Required: a. Prepare journal entries to record the transactions b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.) Beg. bal End bal Materials Inventory Beg bal End bal Work-In-Process Inventory Finished Goods Prev 1 of 11 Next > my work