for part 2 PLEASE MATCH THE AMOUNTS WITH THE CORRESPONDING LETTERS TO THE PARTS OF THE QUESTION , A,B,C,D,E,F,ETC

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, $8,800. 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, $10,400. 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. i. Depreciation on office equipment, $800; on sales vehicles, $1,650. j. 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. I. 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 Work-in-Process Inventory 37,000 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 blank. Materials 60,100 Accounts Payable 60,100 b. Work in Process 50,000 Overhead Control 8,800 Materials 58,800 Work in Process C. 75,000 Overhead Control 36,000 Administrative Expense 28,000 19,000 Selling Expense Wages Payable 158,000 d. Overhead Control 10,400 Accumulated Depreciation 10,400 e. Overhead Control 1,450 Property Taxes Payable 1.450 f. 6,200 Overhead Control Prepaid Insurance 6,200 Overhead Control g. 5,500 Utilities Payable 5.500 5,500 7,900 h. Selling Expense Cash 7,900 Administrative Expense i. 800 Selling Expense 1,650 Accumulated Depreciation 2,450 j. Administrative Expense 750 Accounts Payable 750 k. Work in Process 72,000 Overhead Control 72,000 I. Finished Goods 160,000 Work in Process 160,000 Feedback Check My Work Consider each line of data to determine which accounts are affected and whether the account is to be debited or credited. 2. Prepare T-accounts for Materials Inventory, Overhead Control, Work-in-Process Inventory, and Finished Goods Inventory. Post the entries to the T-account in the same order in which they were journalized. Materials Inventory Balance 58,800 7,500 (b) 60,100 (a) Balance 8,800 Feedback Check My Work Set up T-accounts and consider the information that pertains to Overhead Control, Work-in-Process, Materials, and Finished Goods account. The use of T-accounts would provide a good picture of balances and transactions for the required reporting. Remember to focus on the normal balance of the accounts. What is the increasing side? The decreasing side? This will be helpful when posting the journalized transactions. Work in Process Inventory Balance 37,000 160,000 50,000 75,000 72,000 Balance 74,000 Feedback Check My Work Set up T-accounts and consider the information that pertains to Overhead Control, Work-in-process, Materials, and Finished Goods account. The use of T-accounts would provide a good picture of balances and transactions for the required reporting. Remember to focus on the normal balance of the accounts. What is the increasing side? The decreasing side? This will be helpful when posting the journalized transactions. Finished Goods Inventory 50,000 60,100 x 8,800 Balance Feedback Check My Work Set up T-accounts and consider the information that pertains to Overhead Control, Work-in-Process, Materials, and Finished Goods account. The use of T-accounts would provide a good picture of balances and transactions for the required reporting. Remember to focus on Overhead Control 8,800 72,000 36,000 10,400 1,450 6,200 5,500 Balance 3,650 Feedback Check My Work Set up T-accounts and consider the information that pertains to Overhead Control, Work-in-process, Materials, and Finished Goods account. The use of T-accounts would provide a good picture of balances and transactions for the required reporting. Remember to focus on the normal balance of the accounts. What is the increasing side? The decreasing side? This will be helpful when posting the journalized transactions. 3. Prepare statement of cost of goods manufactured. Jerico Company Statement of Cost of Goods Manufactured For the Month Ended May 31, 20XX Direct materials 50,000 Direct labor 75,000 72,000 197,000 Overhead: Overhead applied x Cost of goods manufactured x Beginning work in process X Ending work in process X Cost of goods manufactured X 37,000 X 74,000 Cost of goods manufactured x O 72,000 Cost of goods manufactured x 197,000 X 37,000 Beginning work in process X Ending work in process X Cost of goods manufactured x 74,000 Cost of goods manufactured X $ 197,000 Manufacturing costs added Add: Beginning work in process 37,000 Less: Ending work in process 74,000 Cost of goods manufactured $ 160,000 Feedback Check My Work Review what you have learned in the chapter. 4. If the overhead variance is all allocated to cost of goods sold, by how much will cost of goods sold decrease or increase? Decreases by s 3,650 Feedback Check My Work Consider what makes an overhead variance - over or underapplied overhead. Feedback Check My Work Partially correct