Problem 1 (15 marks) (27 minutes) Last night, the sprinkler system at Plant A was accidentally set off. Most of the cost records in Plant A for the month just completed (May) were destroyed. The plant manager has come to you in a panic - she has to complete her report for head office by the end of today. She wants you to give her the numbers she needs for her report. The following is the only information saved: Finished Goods Raw Materials 25,000 Beg Work in Process 15,000 Beg 400,000 Transferred Out End 55,000 End 50,000 Cost of Goods Sold Manufacturing Overhead 0 Wages Payable 10,000 Beg Beg 20,000 End Other information: total direct materials transferred to the factory floor for the month were $180,000 a total of 10,000 direct-labour hours were worked during the month at an average wage of $15 per hour overhead is applied to production at $10 per direct labour hour on May 31, there was 1 job, #XL235, left in Work in Process. It included $4,000 of direct materials and had received 20 direct labour hours to date (it started on May 30). actual manufacturing overhead expenses for May were $95,000 there are no indirect materials or indirect labour charges in the month of May e. Over/under applied overhead in May. (2 marks) f. Cost of goods transferred from Work in Process to Finished Goods in May. (3.5 marks) g. Cost of finished goods inventory at the beginning of May. (1.5 marks) Hint: use the T-accounts above and start by entering the items found in the other information in the right places in the T-accounts. Then you answer the above questions. But be sure to show your work