T ! 125% Zoom Add Category mart Chart TA Instructions 2 3 4 During May, Sharpton Corporation recorded the following: Raw materials, beginning balance Work in process, beginning balance Finished Goods, beginning balance Transactions: lon 20,000 35,000 55,000 a b $ s $ d Raw materials purchases, on account Raw materials used in production (direct: 60,000: Indirect: 13,000) Direct labor cost used Indirect labor cost used Other manufacturing overhead costs incurred fi.e., utility, tax, etc.) Manufacturing overhead applied Cost of units completed and transferred from Work in Process to Finished Goods Any overupplied or underapplied manufacturing overhead is closed to Cost of Goods Sold Finished goods are sold (Revenue is $650,000 in Cash) 55,000 73,000 60,000 25,000 75.000 109,000 c f $ S 8 s 253,000 ? 1 S 300,000 Prepare the journal entries to record the following transactions (a) (8) 2. Prepare T-Accounts for Work in Process and Manufacturing overhead, showing the ending balances WIP 2 Prepare T-Accounts for Work in Process and Manufacturing overhead, showing the ending balances WIP Mfg. OH 3 Determine the amount of overapplied or underapplied overhead (Chooss ons) 4 Based on above, prepare the joumal entries to adjust manufacturing overhead at the end of the period s Explain why there is under or over application of manufacturing overhead