Journal Entries, T-Accounts Lincoln Brothers Company makes jobs to customer order. During the month of May, the followinig 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 $8,870 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour 1. Completed jobs costing $60,000 were transferred to Finished Goods g. Jobs costing $59,000 were sold on account for $ 73,750, 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 Required: 1. Prepare the journal entries for the preceding events. Materials 145,620 Accounts Payable 45,620 b Work in Process Materials 40,880 40.80 Work in Process Wages Payable d Overhead Control Cash d. Overhead Control Cash Work in Process e. Overhead Control f. Finished Goods Work in Process 9 (1). Accounts Receivable 73,750 Sales Revenue 73,750 9 (2). Cost of Goods Sold Finished Goods Feedback 2. Calculate the ending balances of: a. Materials Inventory 5,840 b. Work-in-Process Inventory C. Overhead Control d. Finished Goods Inventory 3,620