Journal Entries Taylor Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The following transactions occurred during March 2019:

Mar. 6 Recorded the payroll: $5,000 of direct labor and $1,000 of indirect labor.

Mar. 8 Received $7,000 of materials and components that had been ordered on account.

Mar. 10 Completed product costing $11,000 and transferred it to the warehouse. Requisitioned $2,500 of material for use in the factory; $2,000 was used as direct material and the remainder was used as indirect material.

Mar. 12 Sold on account product costing $1,500 for $2,250.

Mar. 15 Applied $3,000 of manufacturing overhead cost to the current project being worked on

Mar. 21 Paid $250 cash for a special material component that was shipped via overnight delivery

Mar. 27 Sold product costing $1450 for $2,500 cash