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Ivanhoe Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1. 2022, Job 50 was the only job in prociess. The costs incurred prior to January 1 on this job were as follows: direct materials $17,200. direct labor $10,320, and manufacturing overhead $13,760. As of January 1, Job 49 had been completed at a cost of $77,400 and was part of finished goods inventory. There was a $12,900 balance in the Raw Materials Inventory account on January 1. During the month of January. Ivanhoe Company began production on Jobs 51 and 52 . and completed Jobs 50 and 51 . Jobs 49 and 50 were sold on account during the month for $104,920 and $135,880, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $77,400 on account. 2. Incurred factory labor costs of $60,200. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,320; and various other manufacturing overhead costs on account $13,760. 4. Assigned direct materials and direct labor to jobs as follows. 5. Assigned indirect materials of $14,620 and indirect labor of $17.200. Calculate the predetermined overhead rate for 2022, assuming Ivanhoe Company estimates total manufacturing overhead costs of $722,400, direct labor costs of $602,000, and direct labor hours of 17,200 for the year. Predetermined overhead rate eTextbook and Media Prepare the journal entries to record (1) the purchase of raw materials. (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (List all debit entries before credit entries, Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entries to record the assignment of (1) raw material5, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning marnutacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) cost thect as neceisary. Prepare the joumal entry to record the completion of any job(s) during the month. (List oll debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent monuolly.) Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. Credit account tities are automatically indented when amount is entered. Do not indent manually.) What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? Finished Goods Inventory eTextbook and Media List of Accounts What is the amount of over- or underapplied overhead? Manufacturing Overhead eTextbook and Media