EXERCISE 3-10 Applying Overhead; Journal Entries; T-Accounts [LO2- CC4; LO3 - CC5; L04 - CC8; LO6 - CC12] Ashville Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, it was estimated that the company would work 200,000 machine-hours and incur $5,600,000 in manufacturing overhead costs. The company spent the entire month of January working on a large order for 12,000 units of custom-made machined parts. The company had no work in process at the beginning of January Cost data relating to January follow: a. Raw materials purchased on account, $452,000 b. Raw materials requisitioned for production, $390.000 (90% direct materials and the rest indirect materials) c. Labour cost incurred in the factory. $180.000 (60% indirect labour and the remaining direct labour). d. Depreciation recorded on factory equipment. $175.000. Page 109 e Other manufacturing overhead costs incurred $92.000 (credit accounts payable). f. Manufacturing overhead cost applied to production on the basis of 15 000 machine- hours actually worked during the month e Completed job moved into finished goods warehouse on January 31 to await delivery to customer (In computing the dollar amount for this entry: remember that the cost of a completed job consists of direct materials, direct labour and applied overhead) Required: 1 Prepare journal entries to record items (a) through (f) above (ignore item ig) for the moment) 2. Prepare T-accounts for manufacturing overhead and wors in process Post the relevant