PLEASE ANSWER IN REQUIRED FORMAT (T-CHARTS & JOURNAL ENTRIES):

NEED-TO-KNOW COMPREHENSIVE The following information reflects Walczak Company's job order production activities for May. $16.000 15.400 Raw materials purchases Factory payroll cost. Overhead costs incurred Indirect materials Indirect labor Other factory overhead 5.000 3.500 9,500 Walczak's predetermined overhead rate is 150% of direct labor cost. Costs are allocated to the three jobs worked on during May as follows. Job 401 Job 402 Job 403 $3.600 1.700 2.550 Work in process inventory, April 30 Direct materials Direct labor Applied overhead Costs during May Direct materials Direct labor Applied overhead Status on May 31 3.550 5.100 2 Finished (sold) $3.500 6.000 ? Finished (unsold) $1.400 800 ? In process 2. Prepare summarized journal arties for the month to record a. Materiale purchases con credit), direct materials used in production, direct labor used in production and overhead applied b. Actual overhead costs, including indirect materials, indirect labor, and other overhead costo. c. Transfer of each completed Job to the Finished Goods Inventory ACCOUNT d. Cost of goods sold e. Thenale (on Bount of Job 40T for 53,000 1. Removal of any underapplied or overopplied overhead from the Factory Overhead account. (Assume the amount is not material.) Account Title Debit Credit ASSETS EXPENSE To record Raw Material Purchase) Raw Material COGS (To record Imaterial Material to Factory Overhead) To record indirect Labor to Factory Overehead) WIP Job 401) (To record Other Overhead Cost) Factory Overhead WIP (Job 402) To record Direct Material used for three Jobs) To record Direct Lahor Ured for three laba) WIP (Job 403) (To record Factory Overhead applied to three Joba) To record Completed Jobs to Finished Goods) Finished Product (Te record Cost of Goods Sold) (To record the sale 2 (To adjust endling balance of Factory Overhead ecct)