2) Record the following events as Journal Entries. Also, prepare a t-account for Manufacturing Overhead. a) Purchased $10,000 of raw materials on account b) There was $7,000 of materials used, $6,000 of which were direct. c) There was $11,000 of wages, $9,000 of which were direct. d) The company paid a $500 utility bill for electricity to run its factory. e) The budgeted manufacturing overhead for the year was $4,000 and was to be applied based on estimated machine hours cost driver of 4,000 hours. During the current period there was 3,700 actual machine hours. f) Any over (or under) applied manufacturing overhead is closed to Cost of Goods Sold. Also, before it's closing, was manufacturing overhead Over or Under applied? Debit Credit Event # Account Title a Raw Materials Materials aviable 16.00 b) Materia's aviable metalics used Lending Materials 10ooo ! DOC,000 4,000 16,000 Coco c Raw mat I materials used laber wages COGM