Hank & Lee Manufacturing, Inc. produces athletic equipment, and uses a job-order costing system. On February 1, 2020 the Company's inventory balances were as follows: Raw Materials $50,000 Work in Process (WIP) $65,000 Finished Goods $74,500 The Company applies overhead costs to jobs based upon direct labor hours. The Company estimates February overhead costs to total $556,000 for an estimated activity level of 25,000 direct labor-hours. 39. On February 3', $68,000 of raw materials were purchased on account. Write the journal entry on the answer sheet. 40. On February 5th, $75,500 of raw materials were used in the production process. Write the journal entry to record this activity on the answer sheet. 41. Post the above journal entries to a T account in the space provided on the answer sheet. 42. What is the ending balance in the Raw Materials account after adjusting for #39 and #40 above? 43. Calculate the predetermined overhead rate per direct labor hour