Journal Entries, T-Accounts, Cost of Goods Manufactured and sold During May, the following transactions were completed and reported by Jerice Company Materials purchased on account, 160,100 d. Materials issued to production to his ob order requisitions direct materials, 150,000 indirect materials, $8,800 Payroll for the month direct labor 75,000: Indirect labor. $35,000, administrative, $20,000; sales. 519,000 Property taxes on the factory accrued during the month, $1.450. 1. Insurance on the factory expired with a credit to the prepaid insurance account, 56,200 9. Factory utilities, 35,500 Advertising paid with cash, $7.900, Depreciation on office equipment, 1800, on sales vehicles, $1,650 Legal fees incurred but not yet paid for preparation of lease agreements, $750. Overhead is charged to production at a rate of $ per direct aborhout 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 37,000 Inventory Finished Goods 50,000 Inventory Required Required: 1. Prepare journal entries to record the transactions occurring in May. a. b. C. d. 1. 9 h. 0000000 0000000 1. 1. k. 2. Prepare T-accounts for Materials Inventory, Overhead Control, Work-in-Process Invento Materials Inventory Balance Work in Process Inventory Balance Finished Goods Inventory Balance Overhead Control Balance 3. Prepare a st Overhead Control Balance 3. Prepare a statement of cost of goods manufactured. Jerico Company Statement of Cost of Goods Manufactured For the Month Ended May 31, 20XX 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 or increas by Check My Work 3 more Check My Work uses remaining Assignment Score: 10