The Accounting Company had the following activities take place during the month of March 2020. a) Purchased production materials on account for $68,500. b) Raw materials were used in production $58.400 direct 35% to Job #34 65% to Job #137) and $18.890 indirect. Factory electric and water expenses incurred. $5.450. d) Salaries and wages costs incurred totalled $129.550 and included: Direct labor cost $ 74,600 (Job #34 - 543,200; Job #37 - $31,400) Indirect labor cost $ 42,530 Sales salaries S 12,420 e Factory equipment depreciation expense, $16.220. f) Manufacturing overhead is applied at a predetermined rate of 111% of direct labor cost. 9 Completed Job #34. h Shipped Job #34 0) Billed customer $192 350 on account. Shipping costs incurred to send product to customer, $1,950. k) Dispose of over- or under-applied factory overhead. REQUIRED: Record the transactions in the t-accounts below. Use the letters to key your entries. Finished Goods Materials Inventory beg 8.200 a) 3.0 Work-in-Process 12,000 beg. Manufacturing Overhead Cost of Goods Sold Accounts Payable a) 8,500 Selling Expense Accum. Deprec.-Equip. Wages/Salaries Payable Sales Salaries Expense JOB COST SHEET Job #34 beg. 12,000 JOB COST SHEET Job #37 Accounts Receivable Sales Revenue