Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,570. 3 Requisitioned materials totaling $24,530 for use in production. Of the total, $9,200 was for Job 58, $8,950 for Job 59, and the remainder for Job 60. 31 Incurred direct labor for the month of $30,770, with an average wage of $17 per hour. Job 58 used 820 hours; Job 59, 580 hours; and Job 60, 410 hours. 31 Incurred and paid actual overhead of $17,850 (credit Various Payables). 31 Charged overhead to production at the rate of $4.60 per direct labor hour. 31 Completed and transferred Jobs 58 and 59 to Finished Goods. 31 Sold Job 57 (see beginning balance of Finished Goods) and Job 58 to their respective clients on account for a price of cost plus 40%. Beginning balances as of May 1 were: Materials $2,330 Work in Process 0 Finished Goods (Job 57) 25,560 Required: 1. Prepare journal entries for transactions from May 1 through 31. 2. Prepare brief job-order cost sheets for Jobs 58, 59, and 60. 3. Calculate the ending balance of Raw Materials. 4. Calculate the ending balance of Work in Process. 5. Calculate the ending balance of Finished Goods. CHART OF ACCOUNTS Yurman Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales Revenue 120 Accounts Receivable 131 Supplies EXPENSES 132 Prepaid Insurance 510 Cost of Goods Sold 141 Raw Materials 520 Insurance Expense 142 Work in Process 530 Wages Expense 143 Overhead Control 540 Supplies Expense 144 Finished Goods 550 Utilities Expense 170 Land 560 Depreciation Expense 180 Equipment 590 Miscellaneous Expense 181 Accumulated Depreciation LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Various Payables EQUITY 310 Common Stock 320 Retained Earnings Refer to the list below for the exact wording of text items within your job-order cost sheets. Amount Descriptions Applied overhead Direct labor Direct materials Total Journal DATE ACCOUNT POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16