10) The Polson Company applies overhead on the basis of 150 percent of direct labor cost. During the year, Polson experienced transactions as described below: A) Direct materials purchased, $280,000 B) Direct materials issued, $300,000 C) Indirect materials issued, $82,000 D) Labor Costs: Direct Labor Indirect labor $110,000 60.000 Selling and Administration 70,000 E) Factory insurance expired $5,000 F) Advertising cost $30,000 G) Factory rent $24,000 H) Depreciation on office equipment $10,000 1) Miscellaneous factory cost, $7,850 J) Utilities (70% factory, 30% office) $10,000 K) Overhead was applied to production L) Transfer to finished goods $565,000 M) Salles totaled $983,000: cost of goods sold, $590,000 N) Under or over applies overhead is closed to cost of goods sold Required: (17 Points) Prepare journal entries for the above job-order transactions. Hint some items are periods costs! But