Please do the required 1-4

6-28 Appendix Problem: Journal Entries; T- Accounts LO2, LOS Lowder, Inc., builds custom conveyor systems for warehouses and distribution cen- ters. During the month of July, the following occurred: a. Materials were purchased on account for $44,200. b. Materials totaling $27,000 were requisitioned for use in production-$12,500 for Job #703 and the remainder for Job #704. c. Direct labor payroll for the month was $28,200, with an average wage of $15 per hour. Job #703 required 780 direct labor hours: Job #704 required 1,100 direct labor hours. d. Actual overhead of $19,950 was incurred and paid. e Overhead is charged to production at the rate of $10 per direct labor hour f. Job #703 was completed and transferred to finished goods 8. Job #704, which was started during July, remained in process at the end of the month. h. Job #700, which had been completed in May, was sold on account for cost plus 40 percent Beginning balances as of July 1 were as follows: Materials $ 6,070 Work in Process for Job #703) 13,000 Finished Goods (for Job #700) 6,240 Required 1. Prepare the journal entries for events (a) through (e) above. 2. Prepare simple job-order cost sheets for Jobs #703 and #704. 3. Prepare the journal entries for events (f) and (h) above. 4. Calculate the ending balances of Chapter 6 / Jub-order and Process Costin 263 a. Materials b. Work in Process c. Finished Goods