edetermined rate of 120% of direct material cost. Any over-or underapplied overhead is closed to the cost of goods sold account at the end of each month. The Raw Materials Inventory account balance on 2/29 was $34,000. They purchased with cash $75,000 worth of raw materials in March. They pay cash for direct labor. Additional information is available as follows: Cost Added in March Balance Direct Direct Job.No 2/29/2024 Materials Labor BAR897 $18,000 $4,870 $1,800 ALB765 16,780 6,800 7,300 JAE234 6,300 12,680 11,870 WER782 4,670 9,500 10,560 MSP543 0 13,600 9,350 POY435 0 8,800 4,800 Actual Manufacturing OH for March was $69,125 At the end of February Jobs BAR897, ALB765, and JAE234 were finished. Jobs BAR897 and ALB765 had been delivered to the customer. 1. What is the journal entry to record the purchase of raw materials during March? 2. What is the journal entry to record the cost of direct materials placed into production for March? 3. What is the journal entry to record applied OH for March? 4. What is the journal entry to record the cost of jobs completed during March? 5. What is the journal entry to record the cost of jobs sold during March?

Problem - Job Order Costing VA1 Reliablead, Inc makes a specialty product to customer specifications. To accumulate cost Reliablead, Inc uses job-order costing. Manufacturing overhead is applied to production based on a predetermined rate of 120% of direct material cost. Any over-or underapplied overhead is closed to the cost of goods sold account at the end of each month. The Raw Materials Inventory account balance on 2/29 was $34,000. They purchased with cash $75,000 worth of raw materials in March. They pay cash for direct labor. Additional information is available as follows: Cost Added in March Balance Direct Direct Job.No 2/29/2024 Materials Labor BAR897 $18,000 $4,870 $1,800 ALB765 16,780 6,800 7,300 JAE234 6,300 12,680 11,870 WER782 4,670 9,500 10,560 MSP543 0 13,600 9,350 POY435 0 8,800 4,800 Actual Manufacturing OH for March was $69,125 At the end of February Jobs BAR897, ALB765, and JAE234 were finished. Jobs BAR897 and ALB765 had been delivered to the customer. 1. What is the journal entry to record the cost of jobs completed during March? 2. What is the journal entry to record the cost of jobs sold during March?

3. What is the journal entry to record the purchase of raw materials during March? 4. What is the journal entry to record the cost of direct materials placed into production for March? 5. What is the journal entry to record applied OH for March?