139.The Maryland Company is a computer repair shop and had the following transactions and events during the year. Estimated overhead for the year was $175,000; estimated labor for the year was 6,000 hours. a. Purchased materials on account, $126,000 b. Traced materials to repair jobs $110,880, general shop materials used $9,500. c. Labor traced to repair jobs $165,000, untraced labor was $22,200 d. Overhead incurred (not including materials or labor): $139,600 e. Overhead is applied to repair jobs based on labor hours. All workers were paid $30/hr f. Ending work-in-process consisted of one repair job with a cost of $1,976. There was no beginning work-in-process. g. Repair jobs were billed to the customers for $476,000 Required (1) Prepare the journal entries to record the transactions for the year. (2) Prepare the journal entry to write-off the over- or underapplied overhead to the cost of repair jobs. (3) What would Maryland's operating profit for the year? 139.The Maryland Company is a computer repair shop and had the following transactions and events during the year. Estimated overhead for the year was $175,000; estimated labor for the year was 6,000 hours. a. Purchased materials on account, $126,000 b. Traced materials to repair jobs $110,880, general shop materials used $9,500. c. Labor traced to repair jobs $165,000, untraced labor was $22,200 d. Overhead incurred (not including materials or labor): $139,600 e. Overhead is applied to repair jobs based on labor hours. All workers were paid $30/hr f. Ending work-in-process consisted of one repair job with a cost of $1,976. There was no beginning work-in-process. g. Repair jobs were billed to the customers for $476,000 Required (1) Prepare the journal entries to record the transactions for the year. (2) Prepare the journal entry to write-off the over- or underapplied overhead to the cost of repair jobs. (3) What would Maryland's operating profit for the year