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Precision Manufacturing uses a traditional job order cost system and keeps track of inventories with a perpetual system. The company applies overhead to jobs using direct labor hours as a basis. The predetermined overhead rate is $200 per direct labor hour this year. Use the following account titles to prepare journal entries for selected events 1-9 1. Raw materials are purchased on account for $1,500,000. 2. Raw materials are requisitioned for use in production, $700,000 for direct materials and $50,000 for indirect materials. 3. Total factory labor costs of $400,000 are incurred, but not yet paid. Direct labor is $320,000 and indirect factory labor is $80,000. 4. The company pays is cash $20,000 for advertising. 5. Repair and maintenance costs of $10,000 are incurred, but not yet paid for factory operations. 6. Manufacturing overhead costs is applied to production. A total of 10,000 direct labor hours are worked. 7. Goods costing $1,500,000 to manufacture are completed during the year. 8. Goods are sold on account to customers at a total selling price of $5,000,000. The goods cost $2,000,000 to manufacture. 9. The company closes any underapplied or overapplied overhead to cost of goods sold at the end of the year. If the Manufacturing overhead account had a year-end credit balance of $3,000, make the journal entry to close the manufacturing overhead account