Product Cost = 500

Direct Labour = 200

Total Overhead = 75

Sale Price = 2000

Complete the following journals:

Purchase of Direct Materials (on Account) Materials Inventory Accounts Payable $2,578.00 $2,578.00 Issue of direct materials to production Work in Process Inventory Materials Inventory Direct labour incurred Work in Process Inventory Wages Payable Overhead applied to production Work in Process Inventory Manufacturing Overhead Cost of finished production transferred to Finished Goods store Finished Goods Inventory Work in Process Inventory Cost of finished product sold Cost of Goods Sold Finished Goods Inventory August Sales Accounts Receivable S