Kim's Asphalt doos driveway and parking lot resurfacing work for Inge commercial clients as well as small residential clients. An Inventory of materials and equipment is on hand at all times so that work can start as quickly as possible. Special equipment is ordered as required. On May 1 the Materials and Equipment Inventory account had a balance of $36.000. The Work in Process Inventory account is maintained to record costs of work not yet complete. There were two such jobs on May 1 with the following costs Job 27 ob hlands Pidge Estates Materials and equipment $15.95 $52,500 Direct labor 11,500 26.250 overhead applied) 4,050 7.875 Overhead has been applied at 30 percent of the costs of direct labor During May, Kim's Asphalt started two new jobs. Additional work was carried out on Jobs 27 and 33. with the latter completed and billed to Pine Ridge Estates. Details on the costs incurred on jobs during May follow. Job Materials and equipment Direct labor (wagos payable) 27 $3,000 4,500 33 54.800 5.250 $4,600 5.900 35 52.900 1.000 Other May Events 1. Received $12,500 payment on Job 24 delivered to customer in April 2. Purchased materials and equipment for $9.400 on account. 3. Billed Pine Ridge Estates $130,000 and received payment for $75,000 of that amount 4. Determined that payroll for indirect labor personnel totaled $650. 5. Issued supplies and incidental materials for current jobs costing $155 6. Recorded overhead and advertising costs for the operation as follows (all cash except equipment depreciation), Property taxes Storage area rental Truck and delivery coat Advertising and promotion campaign Inspection Telephone and other miscellaneous $550 695 320 600 33 anspoons Telephone and un deprecati 325 450 Required: a. Prepare journal entries to record the flow of costs for operations during My b. Calculate the amount of over or underapplied overhead for the month c. Determine inventory balances for Materials and Equipment inventory and Work in Process inventory Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare journal entries to record the flow of costs for operations during May (if no entry is required for a transaction event, select "ho journal entry required in the first account field.) View transaction ist Journal entry worksheet Overapplied overhead Underapplied overhead during May b. Calculate the amount of over or underapplied overhead for the month c. Determine Inventory balances for Materials and Equipment Inventory and Work in Process Inventory Complete this question by entering your answers in the tabs below. Required A Required B Required Determine inventory balances for Materials and Equipment Inventory and Work-In-Process Inventory. Materials and equipment inventory Work-in-process inventory