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. Required 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 followingaccounts contained the indicated amounts of manufacturing overhead applied during 2016