Use information in Exercise 2-5 to prepare journal entries for the following events in May.
1. Raw materials purchases for cash.
2. Direct materials usage.
3. Indirect materials usage.
4. Factory payroll costs in cash.
5. Direct labor usage.
6. Indirect labor usage.
7. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts).
8. Application of overhead to goods in process.
9. Transfer of finished jobs to the finished goods inventory.
10. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales).
11. Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold.