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Journal Entries, T - Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Sylvana Company: Materials purchased

Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold
During May, the following transactions were completed and reported by Sylvana Company:
Materials purchased on account, $60,100.
Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800.
Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000.
Depreciation on factory plant and equipment, $10,500.
Property taxes on the factory accrued during the month, $1,450.
Insurance on the factory expired with a credit to the prepaid insurance account, $6,200.
Factory utilities, $5,500.
Advertising paid with cash, $7,900.
Depreciation on office equipment, $800; on sales vehicles, $1,680.
Legal fees incurred but not yet paid for preparation of lease agreements, $750.
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.
Cost of jobs completed during the month, $150,000.
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
1. 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.
2. Prepare a statement of cost of goods manufactured.

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