nan Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,670. 3 Requisitioned materials totaling $24,500 for use in production. Of the total, $9,200 was for Job 58, $8,900 for Job 59, and the remainder for Job 60. 31 Incurred direct labor for the month of $32,400, with an average wage of $18 per hour. Job 58 used 800 hours; Job 59, 600 hours; and Job 60, 400 hours. 31 Incurred and paid actual overhead of $17,880 (credit Various Payables). Charged overhead to production at the rate of $4.80 per direct labor hour. 31 31 Completed and transferred Jobs 58 and 59 to Finished Goods. 31 Sold Job 57 (see beginning balance of Finished Goods) and Job 58 to their respective clients on account for a price of cost plus 40%. inning balances as of May 1 were: Materials $2,300 Work in Process 0 Finished Goods (Job 57) 25,600 Required: 1. Prepare journal entries for transactions from May 1 through 31. 2. Prepare brief job-order cost sheets for Jobs 58, 59, and 60. 3. Calculate the ending balance of Raw Materials. 4. Calculate the ending balance of Work in Process. 5. Calculate the ending balance of Finished Goods. 1. Prepare journal entries for transactions from May 1 through 31. Refer to the Chart of Accounts for the exact wording of account titles. How does grading work? PAGE 1 GENERAL JOURNAL Score: 189/201 DATE ACCOUNT POST. REF. DEBIT CREDIT 1 May 1 Raw Materials 29,670.00 2 Accounts Payable 29,670.00 3 May 3 Work in Process 24,500.00 4 Raw Materials 24,500.00 5 May 31 Work in Process 32,400.00 6 Wages Payable 32,400.00 7 May 31 Overhead Control 17,880.00 8 Various Payables 17,880.00 9 May 31 Work in Process 8,640.00 10 Overhead Control 8,640.00 11 May 31 Finished Goods 12 Work in Process 13 May 31 Cost of Goods Sold 14 Finished Goods 15 May 31 Accounts Receivable 16 Sales Revenue 2. Prepare job-order cost sheets for Jobs 58, 59, and 60. Refer to the list of Amount Descriptions for the exact wording of text items within your job-order cost sheets. All amount cells must have an entry; enter zeros as needed. Question not attempted. Yurman Inc. Score: 0/72 Job-Order Cost Sheets For the Month of May 1 Job 58 Job 59 Job 60 2 3 4 5 3. Calculate the ending balance of Raw Materials. Raw Materials ending balance is $ Points: 011 4. Calculate the ending balance of Work in Process. Work in Process ending balance is $ Points: 011 5. Calculate the ending balance of Finished Goods. Finished Goods ending balance is $ Points: 071