wBook Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,400. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on the factory expired with a credit to the prepaid insurance account, $6,200. 9. Factory utilities, $5,500, h. Advertising paid with cash, $7,900. 1. Depreciation on office equipment, $800; on sales vehicles, $1,680. J. Legal fees incurred but not yet paid for preparation of lease agreements, $750. k. Overhead is charged to production at a rate of $18 per direct labor hour. Records show 4,000 direct labor hours were worked during the month. 1. Cost of jobs completed during the month, $150,000. The company also reported the following beginning balances in its inventory accounts: Materials Inventory $7,500 Work-in-Process Inventory 37,000 Finished Goods Inventory Required: 50,00 1. Prepare journal entries to record the transactions occurring in May. For a compound transaction, if an amount box does not require an entry, leave it blank. Materials a. Accounts Payable b. Work in Process Overhead Control Check My Work All work saved MacBook Pro Previous Save and Exit Submit Assignment for Grading