1. The following selected data were taken from the records of the Bixby Company. The company uses a job costing system to account for its manufacturing costs. The following information relates to January 2019 The company applies overhead based on direct labor costs. This year's overhead applied rate was based on estimated current year overhead of S264,000 and estimated current year direct labor costs of $80,000. Required: Review the following information, and then Prepare ALL needed journal entries for the events of January. Not all events require a journal entry. (1.) Work-in-Process cost balances at the beginning of the month on January 1. Job No Materials Labor W12 $ 800 $1,400 Overhead dorlied You calculate? You calculate? X13 $1,000 $1,720 (2.) Other selected beginning account balances on January 1 were: Materials Finished Goods Cost of Goods Sold S 5,175 -0- -0- (3.) Materials purchased during January, $10,905 (4.) Material requisitions and labor time tickets for the month of January indicated the following: Job No. Material Requisitions | W12 X13 Y14 Z15 INDIRECT $ 610 3 70 2.780 4,050 390 Labor Time Charges $ 760 1,420 3,100 1,080 540 (5.) Other miscellaneous overhead actually incurred during January amounted to $13.500. (6.) Bixby applies overhead to jobs in Work-in-process each time direct labor is incurred on a job (7.) Jobs COMPLETED during January: W12, X13, ZIS (8.) Jobs SOLD during January: Z15 for $12,000. (9.) OVERHEAD - Do this the same way we have done it in class. The difference between the end of January account balances of Overhead Actual and Overhead Applied is closed proportionally to WIP, FG, and CGS: based on the amount of overhead that was applied in January to each job and in which account these jobs are accounted for at the end of the month. This Item (9) will count as a separate problem worth 100 points Prepare your journal entries for January in good form using the accounting paper provided. The possible points that can be earned for each needed journal entry will be based on their difficulty. Any un-needed journal entries that you make, will earn negative points