Complete the missing amounts and labels in the T-accounts. A (Click the icon to view the T-accounts.) Begin with the Work-in-Process-Cutting T-account, then complete each of the remaining T-accounts. (Abbreviations used: COGS = Cost of Goods Sold, FG = Finished Goods, WIP = Work-in-Process) Work-in-Process Inventory-Cutting Balance, May 1 O Transfer out to Direct Materials 57,000 Direct Labor 5,000 Manufacturing Overhead 39,000 Balance, May 31 16,000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is