5. Make necessary journal entries for the following transactions in a m Jan 1, 2016 Jan 4, Jan 7 Jan 10 Jan 15 Jan 20 Jan 30 Purchased materials for $1,000,000 on account. Requisitioned for direct materials of $700,000 placed into production process. Requisitioned for indirect materials of $100,000 placed into production process Paid for direct labor of $300,000 Paid for indirect labor of $250,000 Paid other Factory overhead expenses of $630,000 The Company applied $800,000 of factory overhead to work in process. Required: Make necessary journal entries for the transactions above. a) b) Open necessary "T" accounts in the general ledger and post your journal entries. c) What is the over- or under-applied factory overhead? d) Assuming the over- or under-applied overhead was immaterial, make necessary entries for disposing off that immaterial over- or under-applied overhead