Blossom Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24,800, direct labor $14,880, and manufacturing overhead $19,840. As of January 1, Job 49 had been completed at a cost of $111,600 and was part of finished goods inventory. There was a $18,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Blossom Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $151.280 and $195,920, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $111,600 on account. 2 Incurred factory labor costs of $86,800. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $14,880; and various other manufacturing overhead costs on account $19.840. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $12,400 $6,200 51 48,360 31,000 52 37,200 24,800 5. (a) Assigned indirect materials of $21,080 and indirect labor of $24,800. Your answer is correct. Calculate the predetermined overhead rate for 2022, assuming Blossom Company estimates total manufacturing overhead costs of $1,041,600, direct labor costs of $868,000, and direct labor hours of 24,800 for the year. Predetermined overhead rate 120 % Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) Raw Materials Inventory Accounts Payable (2) Factory Labor Payroll Liabilities (3) Manufacturing Overhead Accumulated Depreciation-Equipment Accounts Payable Debit 111600 86800 34720 Credit 111600 86600 14880 19840 to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation (1) Work in Process Inventory Debit 97960 Manufacturing Overhead 13640 Raw Materials Inventory (2) Work in Process Inventory 62000 Manufacturing Overhead 24800 Payroll Liabilities (3) Work in Process Inventory 74400 Manufacturing Overhead Credit 111600 86800 74400