Journal Entries, T-Accounts Lincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred: a. Materials were purchased on account for $45,620. b. Materials totaling $40,880 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $25,600 with an average wage of $16 per hour d. Actual overhead of $8,850 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour f. Completed jobs costing $58,000 were transferred to Finished Goods. 9. Jobs costing $58,000 were sold on account for $ 73,850. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of May 1 were: Materials Inventory $1,100 Work-in-Process Inventory 3,400 Finished Goods Inventory 2,620 1. Prepare the journal entries for the preceding events. a. Materials Accounts Payable b. Work in Process Materials 45,620 45,620 40,880 40,880 C. Work in Process 19,200 X Wages Payable 19,200 X d. Overhead Control 8,870 X Cash 8,870 X Work in Process 8,640 Overhead Control 8,640 f. Finished Goods 59,000 X Work in Process 59,000 X 9 (1). Accounts Receivable 73,850 Sales Revenue 73,850 g (2). Cost of Goods Sold Finished Goods 58,000 58,000 2. Calculate the ending balances of: a. Materials Inventory b. Work-in-Process Inventory c. Overhead Control d. Finished Goods Inventory +A $ SA $ tA +A $ 5,840 V 13,120 X 230 X 3,620 X