I + r Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $252,560 and total machine hours at 61,600. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 1 Job2 Job 3 Total Direct materials used $ 11,700 $8,500 $4,200 $24,400 Direct labor $17.400 $5,500 $4,600 $27,500 Machine hours 1,600 hr 2,600 hr 800 h 5,000 Job 1 was completed and order 0700 Job 1 was completed and sold for $50,700. Job 2 was completed but not sold. Job 3 is still in process. Actual overhead costs recorded during the first month of operations totaled $16,100. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. T