8 Part 2 of 5 1.66 points Skipped Required Information [The following information applies to the questions displayed below.] Stellar Sound, Inc., which uses a job-order costing system, had two jobs in process at the start of 20x1:job no. 64 ($84,100) and job no. 65 ($53,400). The following information is available: a. The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted overhead and machine activity for the year were anticipated to be $840,000, and 16,000 hours, respectively. b. The company worked on four jobs during the first quarter. Direct materials used, direct labor incurred, and machine hours consumed were as follows: eBook Print References Job No. 64 Direct Material $21,000 Direct Labor $35,000 65 22,000 Machine Hours 1,200 700 66 67 44,000 15,000 65,000 2,000 8,800 500 c. Manufacturing overhead during the first quarter included charges for depreciation ($32,800), indirect labor ($60,200). indirect materials used ($5,100), and other factory costs ($139,600). d. Stellar Sound completed job no. 64 and job no. 65. Job no. 65 was sold on account, producing a profit of $34,700 for the firm. 2. Prepare journal entries as of March 31 to record the following. (Note: Use summary entries where appropriate by combining individual job data.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round Intermediate calculations.) a. The issuance of direct material to production and the direct labor incurred. b. The manufacturing overhead incurred during the quarter. c. The application of manufacturing overhead to production. d. The completion of jobs no. 64 and no. 65. e. The sale of job no. 65. View transaction list Journal entry worksheet 1 2345 Record raw materials transferred to production. Note: Enter debits before credits. Transaction a(1). 8 7 > General Journal Debit Credit Record entry Clear entry View general journal