P2-3 Robert Pere is a contractor specializing in custom-built jacuzzis On May 1, 2017, his ledger contains the following data Raw Materials inventory $30,000 Work in Process Inventory 12200 Manufacturing Overhead 2,500 (0) 340 The Manufacturing Overhead account has debit total of $12.500 and credit totals of $10.000. Subsidiary data for Work in Process Inventory on May include Job Cost Sheets Job Manufacturing by Customer Direct Materials Direct Labor Overhead Stine: $2.500 $2,000 $1,400 Alon 2,000 1,200 900 800 560 $5.400 $4.000 $2,800 During May, the following costs were incurred raw materials purchased on account $4.000, labor paid $7.000, and manufacturing overhead paid $1,400 A summary of materials requisitions and time tickets for the month of May reveals the following Job by Customer Materials Requisition Slips Time Tickets Stiner S 500 S400 Alton 600 1.000 2.300 1.300 Smith 1.900 2.300 5300 5000 General use 1,500 2000 S6800 $7.000 Overhead was charged to jobs on the basis of $0 70 per dollar of direct labor cost. The jacunas for customers Stiner, Aton and Herman were completed during May The three jacuzzis were sold for a total of $36.000 instructions (a) Prepare journal entries for the May transactions for purchase of raw materials factory labor costs incurred, and manufacturing overhead concurred as gnment of raw materials labor and overhead to production and completion of jobs and sale of goods (b) Post the entries to Work in Process Inventory (c) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs (d) Prepare a cost of goods manufactured schedule for E2-98 At May 31, 2017, the accounts of Andres Manufacturing Company show the following 1. May 1 inventories-finished goods $12.600 work in process $18.800 and raw materials 38.2001 2. May 31 inventories-finished goods $15,400, work in process $17.900, andraw materials $7.100 3. Debit postings to work in process were direct materials $54,200 direct labor $32,000, and manufacturing overhead applied $40,000 4. Sales totaled $200.000 Instructions (a) Prepare a condensed cost of goods manufactured schedule (b) Prepare an income statement for May through gross proti (c) Indicate the balance sheet presentation of the manufacturing Inventories at May 31