Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,720. 3 Requisitioned materials totaling $24,510 for use in production. Of the total, $9,190 was for Job 58, $8,880 for Job 59, and the remainder for Job 60. incurred direct labor for the month of $34,580, with an average wage of $19 per hour. Job 58 used 810 hours; Job 59, 620 hours; and Job 60, 390 hours. 31 Incurred and paid actual overhead of $17,860 (credit Various Payables). 31 Charged overhead to production at the rate of $4.90 per direct labor hour. 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: $2,280 Materials Work in Process Finished Goods (Job 57) 25,620 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 CHART OF ACCOUNTS Yurman Inc. General Ledger REVENUE 410 Sales Revenue ASSETS 110 Cash 120 Accounts Receivable 131 Supplies 132 Prepaid Insurance 141 Raw Materials EXPENSES 510 Cost of Goods Sold 520 Insurance Expense 530 Wages Expense 540 Supplies Expense 142 Work in Process 143 Overhead Control 144 Finished Goods 170 Land 180 Equipment 550 Utilities Expense 560 Depreciation Expense 590 Miscellaneous Expense 181 Accumulated Depreciation LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Various Payables EQUITY 310 Common Stock 320 Retained Earnings Amount Descriptions 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 1. Prepare journal entries for transactions from May 1 through 31. Refer to the Chart of Accounts for the exact wording of account titles. Enter all amounts rounded to the nearest whole dollar. PAGE 1 GENERAL JOURNAL DATE ACCOUNT POST. REF. BEF DEBIT CREDIT Job-Order Cost Sheets 2. Prepare job-order cost sheets for Jobs 58, 59, and 60. Refer to the list of Amount Descriptions for the exact wording of text items within your job-order cost sheets. All amount cells must have an entry; enter zeros as needed. Yurman Inc. Job-Order Cost Sheets For the Month of May Job 58 Job 59 Job 60 3. Calculate the ending balance of Raw Materials. Raw Materials ending balance is 4. Calculate the ending balance of Work in Process Work in Process ending balance is $ 5. Calculate the ending balance of Finished Goods. Finished Goods ending balance is $