EXERCISE 3-10 Applying Overhead; Joumal Entrles; T-accounts [S LO3-1, @ LO3-2 Dilloe Prodacts manufactures varioas machined parts to customer ipecifications. The comipamy user a job-order corting vysterm usd applies ovethead cout to jobs on the basis of machiae hour. At the beginning of the jeas, the compang used a cont forrada to eitimate that it would incur 54,800,000 in manafacturies ovechead cout at an activity level of 240,000 machine houn work in procest at the bejinning of Jasuary. Cont data relating to Jabuary follow: L. Rsw materials parehased en account, $325,000. b. Raw materials used in production, 5290,000 (305 drect matcrials and 205 iadirect matcrials) c. Labor cost acerued in the factory, $150,000 (oocthird direct labor and two-dhirds indirect labor) d. Depreciation recorded on factory equipment, $75,000. e. Other manufacturing overhead conts incurred on account, $62,000. f. Manufacturing overthead cost was applied to production on the bais of 15,000 machine hours actually worked durine the month. 5. The eompleted job for 16,000 custoen made machined parts was moved into the fiaished noods warehouse oe Janasy 31 to ewait delivery to the castomer. (In computios the dollar amount for this entry, temenber that the cost of a completed job coesintr of direct materials, direct laboc, and appited overbead) Required: 1. Prepare journal catrict to record atems (a) through (f) above lignore item (a) for the mament] 2. Prepare Teceounts for Manufactarina Overhead and Work in Process. Post the relevant itema from your joursal catrici to these Taccounts. 3. Prepare a journal entry for ifem (s) above. 4. If 10,000 of the custom rade machined parts are shipped to the customer ia February, how much of this fob'r cont mil be included in cost of goods sold for February