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.