During May the following costs were incurred: (a) raw materials purchased on acc

During May the following costs were incurred: (a) raw materials purchased on account$4000 (b) labor paid $7600 (c) manufacturing overhead paid $1400.A summary of materials requisition slips and time tickets for the month of May reveals the following.Overhead was charged to jobs on the basis of $0.70 per dollar of direct labor cost.The jacuzzis for customers Taylor Baker and Joiner were completed during May. Eachjacuzzi was sold for $12000 cash.Instructions(a) Prepare journal entries for the May transactions: (i) for purchase of raw materials factory labor costs incurred and manufacturing overhead costs incurred; (ii) assignment of raw materials labor and overhead to production; and (iii) 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 forMay.