Meadow Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during$$ May: $1.$

Record the preceding events in the general journal.

$2.$

Post the appropriate entries to the$$ T$-$accounts, identifying each entry by letter. Determine the ending account$$ balances, assuming that the beginning balances were zero.

$3.$

Summarize the job costs of the unfinished chalet and show that this equals the ending balance in Work in Process Inventory.

$4.$

Summarize the job cost of the completed chalet that has not yet been sold and show that this equals the ending balance in Finished Goods Inventory.

$5.$

Compute the gross profit on each chalet that was sold. What costs must the gross profit cover for MeadowMeadow $$Homes$?$ a$.$ Purchased materials on$$ account, $ $400$ comma $000$$$400,000.$

b$.$ Incurred total manufacturing wages of $ $114$ comma $000$$$114,000,$ which included both direct labor and indirect labor. Used direct labor in manufacturing as$$ follows:

Direct Labor

Chalet $13.........$

$$14,800$

Chalet $14.........$

$$28,300$

Chalet $15.........$

$$19,300$

Chalet $16.........$

$$21,200$

c$.$ Requisitioned direct materials in manufacturing as$$ follows:

Direct Materials

Chalet $13..........$

$$41,500$

Chalet $14..........$

$$56,400$

Chalet $15..........$

$$62,700$

Chalet $16..........$

$$66,600$

d$.$ Depreciation of manufacturing equipment used on different$$ chalets, $ $6$ comma $100$$$6,100.$

e$.$ Other overhead costs incurred on Chalets $13$dash$16$:

Equipment rentals paid in cash $.......$

$$10,200$

Prepaid plant insurance expired $.....$

$$4,000$

f$.$ Allocated overhead to jobs at the predetermined rate of$60\%$ of direct labor cost.

g$.$ Chalets$$ completed: $13,15,$ and $16.$

h$.$ Chalets sold on$$ account: $13$ for $ $99$ comma $000$$$99,000$ and $16$ for $ $145$ comma $000$$$145,000.$