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Lincoln Brothers Company makes jobs to customer order. During the month of May, the following...

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Accounting

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Lincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred: 3. Materials were purchased on account for $45,620. b. Materials totaling $40,980 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $25,600 with an average wage of $16 per hour. d. Actual overhead of $8,850 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. f. Completed jobs costing $60,000 were transferred to Finished Goods. 9. Jobs costing $59,000 were sold on account for $73,850. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of May 1 were: Required: 1. Presare the iournal entries for the orecedine events. 1. Prepare the journal entries tor the preceding events. a. b. c. d. e. f. g(1). g(2). 2. Calculate the ending balances of: a. Materials Inventory b. Work-in-Process Inventory c. Overhead Control d. Finished Goods Inventory $

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