E2-23 (Static) Preparing Journal Entries [LO 2-S1) Pental Manufacturing Company incurred the following transactions during the year. a. Purchased raw materials on account, $50,500 b. Requisitioned raw materials of $32,000 to the factory, which included $8.300 of indirect materials. c. Accrued factory labor costs of $81,400, which included $17,000 of indirect labor. The workers have not yet been paid d. Incurred actual manufacturing overhead costs on account) of $90,000 e. Recorded depreciation for office equipment of $7,000. f. Manufacturing overhead was applied at the rate of 150% of direct labor cost. g. Completed jobs costing $102,000. h. Sold jobs costing $70,000 for $87.500 on account Required: 1. Journalize transactions o-h. 2. Compute the over- or underapplied overhead. 3. Prepare the journal entry to transfer the over- or underapplied balance to Cost of Goods Sold 4. Compute adjusted cost of goods sold