Burlington Clock Works manufactures fine, handcrafted clocks. The firm uses a job-order costing system, and manufacturing overhead is applied on the basis of direct-labor hours. Estimated manufacturing overhead for the year is $240,000. The firm employs 10 master clockmakers, who constitute the direct-labor force. Each of these employees is expected to work 2,000 hours during the year, which represents each employee's practical capacity. The following events occurred during October. a. The firm purchased 3,500 board feet of mahogany veneer at $12 per board foot. b. Twenty brass counterweights were requisitioned for production. Each weight cost $25. c. Five gallons of glue were requisitioned for production. The glue cost $20 per gallon. Glue is treated as an indirect material. d. Depreciation on the clockworks building for October was $8,000. e. A $400 utility bill was paid in cash. f. Time cards showed the following usage of labor: Job number G60: 12 grandfather's clocks, 1,000 hours of direct labor Job number C81: 20 cuckoo clocks, 700 hours of direct labor The master clockmakers (direct-labor personnel) earn $20 per hour. g. The October property tax bill for $920 was received but has not yet been paid in cash h. The firm employs laborers who perform various tasks such as material handling and shop cleanup. Their wages for October amounted to $2,40O . Job number G60, which was started in July, was finished in October. The total cost of the job was $14,400 j. Nine of the grandfather's clocks from job number G60 were sold in October for $1,600 each. Required: 1. Calculate the firm's predetermined overhead rate for the year. Predetermined overhead per DLH rate 2. Prepare journal entries to record the events described above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record purchase of 3,500 board feet of mahogany veneer 1 @$12 per board foot on account. 2 Record brass weights transferred to production. 3 Record glue transferred to production. (five gallons at $20 per gallon) Record $8,000 depreciation on clockworks building. 4 5 Record utility bill paid in cash $400 Record direct labor cost on account. 6 7 Record entry to apply manufacturing overhead to production 8 Record property taxes on account. 9 Record indirect wages on account. 10 Record transfer of job cost from work in progress to finished goods inventory. 11 Record sales on account. 12 Record cost of sales