Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Sylvana 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, $36,000; 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. g. Factory utilities, $5,500. h. Advertising paid with cash, $7,900. i. Depreciation on office equipment, $800; on sales vehicles, $1,680. 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, $150,000. The company also reported the following beginning balances in its inventory accounts: Work in Process Inventorv Finished Goods Inventory 3. Prepare a statement of 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? by $