Please see the attached managerial accounting problem. I have started it and I know that the figures that are in there are correct, but there are several blank spaces that I cannot figure out the numbers for. All the blank spaces need to be filled in

ournal Entries Olduvai Inc. uses a job-order costing system. During the month of May, the following transactions occurred: a. Purchased materials on account for $23,975. b. Requisitioned materials totaling $18,000 for use in production. Of the total, $8,100 was for Job 58, $7,500 for Job 59, and the remainder for Job 60. c. Incurred direct labor for the month of $19,138, with an average wage of $14 per hour. Job 58 used 715 hours; Job 59, 401 hours; and Job 60, 251 hours. d. Incurred and paid actual overhead of $15,200 (credit Various Payables). e. Charged overhead to production at the rate of $7 per direct labor hour. f. Completed and transferred Jobs 58 and 59 to Finished Goods. g. 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%. Beginning balances as of May 1 were: Materials Work in Process Finished Goods (Job 57) Required: $6,940 0 25,000 Hide 1. Prepare the journal entries for Transactions (a) through (g). Round your answers to the nearest whole dollar. a. Raw Mater 23975 Accounts P b. Work in Pro 23975 18000 Raw Mater c. Work in Pro 18000 19138 Wages Pay d. Overhead C 19138 1520 1 result is available, use up and down arrow keys to navigate. 1520 Overhead C e. Overhead C Overhead C f. Finished Go 25000 Work in Pro g. Cos t of goo ds sol d Cost of Go 25000 25000 Finished Go Sal es Accounts R Sales Reve Hide Feedback Partially Correct 25000 35000 35000 Check My Work Feedback 1. Materials, work in process and finished goods are asset accounts, and increase with debits. Cost of goods sold is an expense account which increases with debits. Payables are liabilities and increase with credits. Materials requisitioned for work in process decrease the Materials account and increase the WIP account. Labor is recorded in work in process account with credit to wages payable (to be paid to employees with next paycheck-allocation of labor costs does not mean actual payment to employees). Record actual overhead costs with a credit to 'various payables'. (NOTE-There is really no such account, but for ease it will be used in this problem). Record transfer of two completed jobs with credit to work in process and debit to finished goods accounts. Record sale of two jobs in finished goods with credit and debit to cost of goods sold. Record sales revenue with credit to sales and debit to accounts receivable. Be sure to apply markup on cost to obtain sales. Learning Objective 5. Hide 2. Prepare brief job-order cost sheets for Jobs 58, 59, and 60. Direct materials Olduvai Inc. Job-Order Cost Sheets For the Month of May Job 58 Job 59 $ $ 8100 $ 2400 7500 10010 Direct labor Job 60 5614 3514 Applied overhead Total cost $ $ $ Hide Feedback Partially Correct Check My Work Feedback 2. Set up a column for each job. Record direct materials, direct labor and applied overhead. The total of the three jobs equals the balance in the work in process account before the jobs completed are transferred out. Learning Objective 5. 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. $ Hide Feedback Incorrect Check My Work Feedback 3, 4 & 5. Set up a T-account and post journal entries to the account. Calculate ending balance. Learning Objective 5. Journal Entries Olduvai Inc. uses a job-order costing system. During the month of May, the following transactions occurred: a. Purchased materials on account for $23,975. b. Requisitioned materials totaling $18,000 for use in production. Of the total, $8,100 was for Job 58, $7,500 for Job 59, and the remainder for Job 60. c. Incurred direct labor for the month of $19,138, with an average wage of $14 per hour. Job 58 used 715 hours; Job 59, 401 hours; and Job 60, 251 hours. d. Incurred and paid actual overhead of $15,200 (credit Various Payables). e. Charged overhead to production at the rate of $7 per direct labor hour. f. Completed and transferred Jobs 58 and 59 to Finished Goods. g. 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%. Beginning balances as of May 1 were: Materials Work in Process Finished Goods (Job 57) Required: $6,940 0 25,000 Hide 1. Prepare the journal entries for Transactions (a) through (g). Round your answers to the nearest whole dollar. a. Raw Mater 23975 Accounts P b. Work in Pro 23975 18000 Raw Mater c. Work in Pro 18000 19138 Wages Pay d. 19138 Overhead C NEED TOTAL HERE NEED HEADING HERE NEED TOTAL HERE e. NEED TOTAL HERE Overhead C f. Finished Go NEED TOTAL HERE NEED TOTAL HERE Work in Pro g. Cos t of goo ds sol d Cost of Go NEED TOTAL HERE NEED TOTAL HERE Finished Go Sal es NEED TOTAL HERE Accounts R Sales Reve NEED TOTAL HERE NEED TOTAL HERE Hide Feedback Partially Correct Check My Work Feedback 1. Materials, work in process and finished goods are asset accounts, and increase with debits. Cost of goods sold is an expense account which increases with debits. Payables are liabilities and increase with credits. Materials requisitioned for work in process decrease the Materials account and increase the WIP account. Labor is recorded in work in process account with credit to wages payable (to be paid to employees with next paycheck-allocation of labor costs does not mean actual payment to employees). Record actual overhead costs with a credit to 'various payables'. (NOTE-There is really no such account, but for ease it will be used in this problem). Record transfer of two completed jobs with credit to work in process and debit to finished goods accounts. Record sale of two jobs in finished goods with credit and debit to cost of goods sold. Record sales revenue with credit to sales and debit to accounts receivable. Be sure to apply markup on cost to obtain sales. . Hide 2. Prepare brief job-order cost sheets for Jobs 58, 59, and 60. Direct materials Olduvai Inc. Job-Order Cost Sheets For the Month of May Job 58 Job 59 $ $ Job 60 $ 2400 8100 7500 Direct labor 10010 5614 3514 Applied overhead 5005 2807 1757 Total cost $ $ 23115 $ 15921 7671 Hide Feedback Correct Check My Work Feedback 2. Set up a column for each job. Record direct materials, direct labor and applied overhead. The total of the three jobs equals the balance in the work in process account before the jobs completed are transferred out. . 3. Calculate the ending balance of Raw Materials. $ 12915 4. Calculate the ending balance of Work in Process. $ IT SAYS THIS IS WRONG 7676 5. Calculate the ending balance of Finished Goods. $ IT SAYS THIS IS WRONG 39036