Problem 1: On May 1, 2021, Football Manufacturing, Inc. purchased $200,000 in raw material on account. During the month of May, the company used $225.000 in direct labor and $100,000 in direct raw materials The company applies overhead at a rate of 150% of direct materials. Work-in- Progress had a balance of $200,000 on May 1, 2021. As of May 30, 2021 Work-in-Progress had a balance of $250.000. Prepare the necessary journal entries to record May's activity, including the transfer of product to finished goods. (20 points) DATE DESCRIPTION DEBIT CREDIT