Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred:

May	1	Purchased materials on account for $29,690.
	3	Requisitioned materials totaling $24,550 for use in production. Of the total, $9,210 was for Job 58, $8,890 for Job 59, and the remainder for Job 60.
	31	Incurred direct labor for the month of $28,800, with an average wage of $16 per hour. Job 58 used 820 hours; Job 59, 590 hours; and Job 60, 390 hours.
	31	Incurred and paid actual overhead of $17,900 (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)	25,650

	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

	ASSETS
110	Cash
120	Accounts Receivable
131	Supplies
132	Prepaid Insurance
141	Raw Materials
142	Work in Process
143	Overhead Control
144	Finished Goods
170	Land
180	Equipment
181	Accumulated Depreciation

	LIABILITIES
210	Accounts Payable
220	Wages Payable
230	Various Payables

	EQUITY
310	Common Stock
320	Retained Earnings

	REVENUE
410	Sales Revenue

	EXPENSES
510	Cost of Goods Sold
520	Insurance Expense
530	Wages Expense
540	Supplies Expense
550	Utilities Expense
560	Depreciation Expense
590	Miscellaneous Expense

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

Journal

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.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

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

1		Job 58	Job 59	Job 60
2
3
4
5

Ending Balances

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 .