Sunset Products manufactures skateboards. The following transactions occurred in March. 1. Purchased $26,500 of materials on account. 2. Issued $1,650 of supplies from the materials inventory. 3. Purchased $26,300 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $31,300 in direct materials to the production department. 6. Incurred direct labor costs of $31,500, which were credited to Wages Payable. 7. Paid $22,800 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop. 8. Applied overhead on the basis of 110 percent of direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $6,300. 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 $10,950 17,800 66,300 $37,800 74,300 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. AAL 1 Materials inventory 26,500 Accounts payable 26,500 1,650 Manufacturing overhead control Materials inventory 1,650 a c 3 26,300 Materials inventory Accounts payable 26,300 D 4 26,500 Accounts payable Cash 26,500 E5 31,300 Work-in-processdirect materials Materials inventory 31,300 F 6 3 1,500 Work-in-processdirect labor Wages payable 31,500 22,800 Manufacturing overhead control Cash 22,800 34,650 Work-in-process-overhead Applied manufacturing overhead 34,650 6,300 Manufacturing overhead control | Accumulated depreciation property, plant and equipment 6,300 Materials Inventory Work-In-Process Inventory Beg. bal. Beg. bal. Finished Goods End. bal. o End. bal. O Manufacturing Overhead Control Applied Manufacturing Overhead Beg. bal. Beg. bal. End. bal. $ 0 End. bal. 0 Accounts Payable Cash Beg. bal. Beg. bal. End. bal. End. bal. Wages Payable Accumulated Depreciation Property, Plant, and Equipment Beg. bal. Beg. bal. End. bal. End. bal. Finished Goods Inventory Cost of Goods Sold Beg. bal. Transfer to Cost of Goods Sold Goods completed End. bal. Beg. bal. Finished Goods Inventory End. bal. 0 Required A Required B >