REMEMBER ITS T- ACCOUNT FOR EACH ITEM Q3.ABC Company had the following inventories on May 1, 2019(amounts in SR) (two marks) Raw Material 30,000 Finished Goods 40,000 WIP - Material 20,000 WIP-Labor 20,000 WIP - Manufacturing overhead 15,000 During the month, the cost of material purchased was 130,000 direct labor cost incurred was 140,000 and factory overhead applicable to production was 70,000, on May 31, inventories were: Raw Material 40,000 Finished Goods 50,000 WIP-Material 15,000 WIP - Labor 25,000 WIP Manufacturing overhead 10,000 Required: Prepare Journal entries on May 31, to show the flow of cost through the proper summary T accounts. Assume that sales values were 500,000 on credit