E2-2 (Algo) Preparing Journal Entries [LO 2-S1) Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $4,800 4,100 $8.900 Source documents revealed the following during March: Materials Requisitions Labor Time Forms Tickets Status of Job at Month-End Job 33 $ 4,000 $ 4,200 Completed and sold Job 34 2,600 3,200 Completed, but not sold Job 35 3,100 2,600 In process Indirect 600 1,500 $ 10,300 $ 11,500 The company applies overhead to products at a rate of 65 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a 4,000 Work in Process Inventory Raw Materials Inventory 4,000 2 b Work in Process Inventory Manufacturing Overhead 3 C Work in Process Inventory Manufacturing Overhead E2-2 (Algo) Preparing Journal Entries (LO 2-S1) Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $4,800 4.100 $8.900 Source documents revealed the following during March: Materials Requisitions Labor Time Forns Tickets Status of Job at Month-End Job 33 $4,000 $ 4,200 Completed and sold Job 34 2,600 3,200 Completed, but not sold Job 35 3,100 2,600 In process Indirect 600 1,500 $ 10,300 $ 11,500 The company applies overhead to products at a rate of 65 percent of direct lobor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction that view journal entry worksheet Debit Credit 4,000 Record the issuance of raw materials to production. 4,000 Record Oak Creek Furniture Factory's payroll costs. Assume the direct labor is owed but not paid. Record the application of manufacturing overhead to production