Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico 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. 9. Factory utilities, $5,500. h. Advertising paid with cash, $7,900. 1. 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 mont 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: 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 (a) x (b) X 7,500 (c) X 60,100 58,800 Balance 8,800 Feedback Work in Process Inventory (d) X 160,000 (e) X (6) X 37,000 (k) X 50,000 75,000 72,000 (o) X Balance 74,000 Feedback Finished Goods Inventory (a) X 50,000 Finished Goods Inventory 50,000 (a) x (b) x 160,000 Balance 210,000 Feedback Overhead Control 72,000 8,800 (9) X 36,000 10,400 (a) x (b) X (c) X (d) x (e) X (f) X 1,450 6,200 5,500 Balance 3,650 Feedback 3. Prepare a statement of cost of goods manufactured