Job Cost Journal Entries Holiday Manufacturing had the following inventories at December 31, 2015, the end of its fiscal year: During January 2016, the following transactions occurred: Purchased materials on account. $126,000. Requisitioned direct material of $110,000 and indirect material of $20,000. Incurred wages payable, $61,000. Assigned total wages payable, of which $11,000 was considered indirect labor. Incurred other manufacturing overhead. $32, 800. (Credit Accounts Payable.) Applied manufacturing overhead on the basis of 110% of direct labor costs. Determined completed production, $206,000. Use this information to determine the amount of WIP transferred to finished goods inventory. Determined cost of goods sold, $203,000. Use this information to determine the reduction to finished goods inventory. Prepare general journal entries to record these transactions. If the above transactions covered a full year's operations, prepare a journal entry to dispose of the overhead account balance. Assume that the balance is significant. Also assume that the following accounts contained the indicated amounts of manufacturing overhead applied during 2016: Job Cost Journal Entries Prior to the beginning of 2016, Lowe Company estimated that, it would in-cur $176,000 of manufacturing overhead cost during 2016, using 16,000 direct labor hours to Produce the desired volume of goods. On January 1, 2016, beginning balances of Materials Inventory. Work in Process Inventory, and Finished Goods Inventory were $28,000, $-0-, and $43,000, respectively