< Job Cost Journal Entries Prior to the beginning of 2016, Lowe Company estimated that it would incur $88,000 of manufacturing overhead cost during 2016, using 8,000 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 $14,000, $-0-, and $21,500, respectively. Required 4 Prepare general journal entries to record the following for 2016. a. Purchased materials on account, $19,500. Description Materials inventory Accounts payable Debit 90,000 Credit 0 0 90,000 total dollar value of materials used, $15,500 represented direct material and $5,500 indirect ma Description Debit Credit Work in process inventory 0 0 Work in process inventory 0 0 Materials inventory 0 0 c. Determined total factory labor, $67,500 (7,500 hrs. @ $9/hr.). d. Of the factory labor, 80% was direct and 20% indirect. Description Work in process Inventory Debit Credit 0 0 0 0 0 0 Support