ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job 205. Job W206, and Job #207- were worked on during January and February. Job #205 was completed February 10: the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow Job #205 Job Cost Sheet Job #206 Job #207 Totals $ - January costs incurred: Direct material Direct labor Manufacturing overhead $16,500 13,000 20,800 $9,300 7,000 11,200 February costs incurred: Direct materials Direct labor Manufacturing overhead Totals 8,200 6,000 4.000 21,300 10,000 ? The following additional information is available: a. Manufacturing overhead is assigned to jobs on the basis of direct labor cost. b. Balances in the inventory accounts at January 31 were as follows: $40,000 Raw Material Work in Process Finished Goods 85,000 Required: a. Prepare T-accounts for Raw Material, Work in Process Inventory. Finished Goods Inventory and Manufacturing Overhead Control. Enter the January 31 inventory balances given previously, in the case of Work in Process Inventory, compute the January 31 balance a n 31 balance and enter it into the Work in Process Inventory T-account. Raw Materials Inventory Work in Process Inventory BB BB Finished Goods Inventory BB Manufacturing Overhead Control b. Prepare journal entries for February as follows: 1. Prepare an entry to record the issue of materials into production and post the entry to appropriate T-accounts. (In the case of direct material, it is not necessary to make a separate entry for each job.) Indirect materials used during February totaled $4,000. Date Account Titles & Explanation Ref Debit Credit