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UULUU Journal Entries, T-Accounts, Cost of Goodanufacturernd Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. 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, $10,500. 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. 1. 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. 1. 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 blar Materials a. Accounts Payable b. Work in Process Check My Work 1 more Check My Work uses remaining, Emainstructor Save and Exit Submit Assignme 1. Prepare journal entries to record the transact occurring in for a compound transaction, if an amount box does not require an entry, leave it blank. Materials Accounts Payable a. b. Work in Process Overhead Control Materials Work In Process Overhead Control Administrative Expense Selling Expense O OD 11111 111 ] 0 0 0 \llll 110 I Wages Payable d. Overhead Control Accumulated Depreciation Overhead Control Property Taxes Payable Overhead Control Prepaid Insurance Check My Work 1 more Check My Work uses remaining Emainstruct Save and Submit Assignment for Grading eBook Calculator 9. Overhead Control Utilities Payable h. Selling Expense Cash Administrative Expense Selling Expense Accounts Payable al 100 1 0 Administrative Expense k. Work in Process Overhead Control Finished Goods Work in Process 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 Check My Work 1 more Check My Work uses remaining Etructor Save and it Subm Assignment for Grading eBook Calculator 2. Prepare T-accounts for Materials Inventory, Overhead Control 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 Work in Process Inventory Balance Finished Goods Inventory Balance Overhead Control Check My Work 1 more Check My Work uses remaining El instructor Sve Submit Assignment for Grading 3. Prepare a statement of cost of goods manufactured. Jerico Company Statement of Cost of Goods Manufactured For the Month Ended May 31, 20XX Direct materials Direct labor Overhead: Tibilid Manufacturing costs added Cost of goods manufactured 4. If the overhead variance is all allocated to cost of goods sold, by how much will cost of goods sold decrease or increase Check My Work 1 more Check My Work uses remaining 0% Email instructor Submit Assignment for Grading MacBook Air BOOK Calculator Jeni buray Statement of Cost of Goods Manufactured For the Month Ended May 31, 20xx Direct materials Direct labor Overhead: Manufacturing costs added Cost of goods manufactured 4. If the overhead variance is all allocated to cost of goods sold, by how much will cost of goods sold decrease of increase by Check My Work 1 more Check My Work uses remaining Binal instructor Save Submit Assignment for Grading MacBook Air