Dorman Products Company uses a job order cost system and applies overhead to production on the basis of direct labor cost. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $27,000; direct labor $16,000; and manufacturing overhead $24,000. Job No. 49 had been completed at a cost of $99,000 and was part of finished goods inventory. There was a $30,000 balance in the Raw Materials inventory account. During the month of January, the 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 $120,000 and $150,000, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $260,000 on 2. Incurred factory labor costs of $61,000. Of this amount $11,000 is related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $5,000, indirect labor $17,000; depreciation expense $22,000 and accounts payable $9,000 (for utilities and repairs). 4. Assigned direct materials and direct labor to jobs as follows Job No 50 51 52 Direct Materials $ 8,000 Direct Labo S 7,000 16,000 20,000 32,000 5. The company uses direct labor cost as the activity base to assign overhead (a) Calculate the predetermined overhead rate for the year 2017, assuming Dorman Products Company (b) Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet (c) Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, (d) Prepare the journal entries to record the assignment of direct materials, direct labor, and (e) Prepare the journal entry to record the completion of Job 50 and Job 51 during the month by using () Prepare the journal entries to record the sale of Job 49 and Job 50 during the month Manufacturing estimates total manufacturing overhead costs of $856,800 and direct labor costs of $680,000. for Job No. 50. (This can be done also when you get to parts d. and e.) and the manufacturing overhead costs incurred during the month of January manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). Post all costs to the job cost sheets as necessary the total from the job cost sheets that were completed during the month (B) What is the balance in the Work in Process Inventory account at the end of the month? What does this balance consist of? (For example which Job and what specific costs.) (b) What is the amount of over- or underapplied overhead for the month