Chapter 4 Preparing entries for manufacturing costs Stacey Company, a custom cabinet maker, had the following inventory account balances at January 1, 2020. During the month Stacey Company received orders from two customers, Mrs. Smith for custom oak wood kitchen cabinets and from Mr. Adams for a custom cherry wood entertainment unit. The Stacey Company uses a job order cost accounting system and refers to the Smith Job as Job. 101 and the Adams Job as Job 102. Journalize and post the following events and prepare job cost sheets for any jobs. 1.) Upon receiving the customer orders, the company purchases $4,000 of materials needed for the jobs from Superior Wood Inc. on account. 2.) Employee factory labor costs are $13,000 for the month. Employer payroll taxes total $1,500 on this amount for the period. 3.) Overhead costs for the period include $300 for depreciation on machinery, expiration of $100 of insurance on the factory, and machine repairs of \$200 paid in cash. 4.) Material requisitions show that a total of $4,100 of materials were requested from the storeroom -the breakdown is: $1,000 for the Smith job (Req. 130); $3,000 for the Adams job (Req. 134); and \$100 for indirect materials (Req. 138) needed for both jobs. 5.) Labor time tickets for the period show $5,000 of labor costs for the Smith job with time tickets (8589) and $5,500 for the Adams job (time tickets 90-99). The remaining labor costs were for machine inspections and factory clean-up. 6.) The company assigns overhead costs to its jobs based on direct labor costs. It estimates annual overhead costs to be $30,000 and estimates annual direct labor to be $120,000. 7.) The Smith Job (Job 101) is completed by the end of the period. 8.) The Smith Job is sold for a total amount of $9,350 on account. 9.) To transfer any remaining balance in MOH to the appropriate account