The following data (in thousands) summarize the factory operations of the Lewis Manufacturing Co. for the year 2011, its first year in business:

a. Direct materials purchased for cash .........................................................$450

b. Direct materials issued and used ................................................................420

c. Labour used directly on production ............................................................125

d1. Indirect labour ...............................................................................................80

d2. Depreciation of plant and equipment ........................................................55

d3. Miscellaneous factory overhead [ordinarily would be detailed] .............40

e. Overhead applied: 180% of direct labour .......................................................?

f. Cost of production completed ......................................................................705

g. Cost of goods sold .........................................................................................460

1. Prepare summary journal entries. Omit explanations. For purposes of this problem, combine the items labelled d as “overhead incurred. ?/p>

2. Show the T-accounts for all inventories, cost of goods sold, and factory department overhead. Compute the ending balances of the inventories. Do not adjust for under applied or over applied factory overhead.