The following selected ledger accounts of the Lakewood Manufacturing Company are for May (the fifth month of its accounting year):

Material Inventory May 1 balance 40,000 May credits 150,000 May debits 25,000 Factory Overhead May debits 160,000 May 1 balance 14,000 May credits 144,000 Work in Process Inventory May 1 balance 28,000 May credits 440,000 May debits: Direct material 129,000 Direct labor 180,000 Man. overhead 144,000 Factory Payroll Payable May debits 228,000 May 1 balance 50,000 May credits 196,000 Finished Goods Inventory May 1 balance 102,000 May credits 510,000 May debits 440,000