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Lincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred: a. Materials were purchased on account for $45,620. b. Materials totaling $40,880 were requisitioned for use in producing various jobs. C. Direct labor payroll for the month was $22,400 with an average wage of $14 per hour. d. Actual overhead of $8,860 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. g. Jobs costing $59,000 were sold on account for $ 73,750. 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: Materials Inventory $1,200 Work-in-Process Inventory 3,400 Finished Goods Inventory 2,640 1. Prepare the journal entries for the preceding events. a. o b. C. d. I III III I III e. f. g (1) 9 (2) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Finished Goods Materials Overhead Control Work in Process Accounts Payable Accounts Receivable Cost of Goods Sold Finished Goods Materials Overhead Control Wages Payable Work in Process Accounts Payable Accounts Receivable Finished Goods Materials Sales Revenue Accounts Payable Accounts Receivable Cash Cost of Goods Sold Sales Revenue Work in Process 2. Calculate the ending balances of: a. Materials Inventory b. Work-in-Process Inventory $ $ $ $ c. Overhead Control d. Finished Goods Inventory