Current Attempt In Progress. Sandhill 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 $19.600, direct labor $11,760, and manufacturing overhead $15,680. As of January 1, Job 49 had been completed at a cost of $88,200 and was part of finished goods inventory. There was a $14,700 balance in the Raw Materials Inventory account on January 1. During the month of January, Sandhill 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 $119,560 and $154,840, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $88,200 on account. 2. Incurred factory labor costs of $68,600. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $11.760; and various other manufacturing overhead costs on account $15,680. 4. Assigned direct materials and direct labor to jobs as follows. 5. (a) Job No. Direct Materials Direct Labor 50 $9,800 $4,900 51 38,220 24,500 52 29,400 19,600 Assigned indirect materials of $16,660 and indirect labor of $19.600. Your answer is correct, Calculate the predetermined overhead rate for 2022, assuming Sandhill Company estimates total manufacturing overhead costs of $823,200, direct labor costs of $686,000, and direct labor hours of 19,600 for the year Your answer is partially correct. Prepare the journal entries to record the sale of any job(s) during the month. (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) Accounts Receivable (2) 7] Sales Revenue (To record sale of jobs) Cost of Goods Sold Finished Goods Inventory (To record cost of jobs) Debit 274400 Credit 2744001