Problem 1 The following information reflects Wallace Company's job order production activities for May. Raw materials purchase Factory payroll cost $16, 000 15, 400 Overhead costs incurred 5,000 3, 500 9, 500 Indirect materials Indirect labour Other factory overhead Wallace's predetermined overhead rate is 150% of direct labour cost. Costs allocated to the three jobs worked during May as follows: Job 402 Job 401 Job 403 In-process balances on April 30 $3, 600 1, 700 Direct materials Direct labour Applied overhead Costs during May Direct materials Direct labour 2, 250 3, 550 5, 100 $3, 500 6,000 1,400 800 Applied overhead ? 1. Determine the total cost of: a. The April 30 inventory of jobs in process. b. Materials used during May c. Labour used during May d. Factory overhead incurred and applied during May and the amount of any over-or- underapplied overhead on May 31 Each job as of May 31, the May 31 inventories of both goods in process and finished goods, and the goods sold during May . 2. Prepare summarized jourmal entries for the month to record: a. Materials purchases (on credit) the factory payroll (paid with cash), indirect materials, indirect labour, and the other factory overhead (paid with cash b. Assignment of direct materials, direct labour, and overhead costs to the Goods in Process Inventory account. (use separate debit entries for each job.) c. Transfer of each completed job to the Finished Goods Inventory account. d. Cost of goods sold. e. Removal of any underapplied or overapplied overhead from the factory overhead account. (Assume the amount is not material.) 3. Prepare a cost of goods manufactured statement for May