Job Cost Journal Entries Prior to the beginning of 2016, Stapleton Company estimated that it would incur $382,500 of manufacturing overhead cost during 2016 , using 42,500 direct labo 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 $120,000,$0, and $217,500, respectively. Required Prepare general journal entries to record the following for 2016. a. Purchased materials on account, $790,000. b. Of the total dollar value of materials used, $710,000 represented direct material and 587,500 indirect material. c. Determined total factory labor, 5472.500 (45,000 hrs. @ $10.50/hr.). d. Of the factory labor, 39,500 were direct labor hours. e. Applied manufacturing overhead based on direct labor hours to work in process. f. Determined actual manufacturing overhead other than those items already recorded, 5207,500 . (Credit Accounts Payable) g. Ending inventories of work in process and finished goods were $142,500 and 5179,500 , respectively. Determine the cost of f h. Transferred the balance in Manufacturing Overhead to Cost of Goods Sold