The following events took place for the Lemon Company during May, the first month of operations of the company LEMON COMPANY MANUFACTURING TRANSACTIONS FOR FIRST MONTH OF OPERATIONS (MAY) (1) Purchased $95.000 of direct materials on account. (2) Used $75,000 of direct materials in production. (3) Incurred $120,000 of direct labor during the month. (4) Applied manufacturing overhead at a rate of 70% of direct labor cost. (5) Transferred $250,000 of completed goods to finished goods inventory. (6) Sold goods with a cost of $235.000. REQUIRED: (1) Set up T accounts for the following accounts. Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Manufacturing Overhead Control Based upon the above information, make the appropriate entries to the T accounts to record the above transactions. Determine the ending balances in the three inventory accounts at the end of May (2)