Sunset Products manufactures skateboards. The following transactions occurred in March 1. Purchased $30,000 of materials on account. 2. Issued $1,500 of supplies from the materials inventory 3. Purchased $37,500 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $45,000 in direct materials to the production department 6. Incurred direct labor costs of $37,500, which were credited to Wages Payable. 7. Paid $42,250 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturin 8. Applied overhead on the basis of 140 percent of direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $7,500. The following balances appeared in the accounts of Sunset Products for March Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning Ending $13,500 24,750 97,500 54,750 120,000