38. LO.4 (Journal entries; cost accumulation) Stockman Co. began 2010 with three jobs in process: TYPE OF COST Job No. Direct Material Direct Labor Overhead Total 247 $ 77,200 $ 91,400 $ 36,560 $ 205,160 251 176,600 209,800 83,920 470,320 253 145,400 169,600 67,840 382,840 Totals $399,200 $470,800 $188,320 $1,058,320 During 2010, the following transactions occurred: 1. Th e fi rm purchased and paid for $542,000 of raw material. 2. Factory payroll records revealed the following: Indirect labor incurred was $54,000. Direct labor incurred was $602,800 and was associated with the jobs as follows: Job No. Direct Labor Cost 247 $ 17,400 251 8,800 253 21,000 254 136,600 255 145,000 256 94,600 257 179,400 3. Material requisition forms issued during the year revealed the following: Indirect material issued totaled $76,000. Direct material issued totaled $466,400 and was associated with jobs as follows: Job No. Direct Material Cost 247 $ 12,400 251 6,200 253 16,800 254 105,200 255 119,800 256 72,800 257 133,200 4. Overhead is applied to jobs on the basis of direct labor cost. Management budgeted overhead of $240,000 and total direct labor cost of $600,000 for 2010. Actual total factory overhead costs (including indirect labor and indirect material) for the year totaled $244,400. 5. Jobs #247 through #255 were completed and delivered to customers, who paid for the goods in cash. Th e revenue on these jobs was $2,264,774. a. Journalize all preceding events. b. Determine the ending balances for the jobs still in process. c. Determine the cost of jobs sold, adjusted for underapplied or overapplied overhead