Work$-$in$-$Process Inventory Journal Entries. The balance in the work$-$in$-$process inventory account of Sharp, Inc., was $$700,000$ at the beginning of May. Manufacturing costs for the month are as follows:

Direct materials $ $340,000$

Direct labor $ $800,000$

Manufacturing overhead applied $ $670,000$

Cost of goods manufactured $$1,960,000$

Required:

Prepare separate journal entries to record the following items. $($Hint: use Table $2\mathrm{.}3$ as a guide.$)$

Direct materials placed in production for the month

Direct labor used during the month, assuming employees will be paid next month

Manufacturing overhead applied for the month

Transfer of cost of goods manufactured to finished goods

Prepare a T$-$account for work$-$in$-$process inventory and include the beginning balance for May. Post the appropriate items from the journal entries in requirement a to this account, and calculate the ending balance in work$-$in$-$process inventory.