Job Cost Journal Entries Prior to the beginning of 2016, Stapleton Company estimated that it would incur $306,000 of manufacturing overhead cost during 2016, using 34,000 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 $96,000, $-0-, and $174,000, respectively. Required Prepare general journal entries to record the following for 2016, a. Purchased materials on account, $632,000. Description Debit Credit b. Of the total dollar value of materials used, $568,000 represented direct material and $70,000 indirect material. Debit Credit Description Work in process inventory c. Determined total factory labor, $378,000 (36,000 hrs. @ $10.50/hr.). d. Of the factory labor, 31,600 were direct labor hours. Debit Credit Description Work in process inventory e. Applied manufacturing overhead based on direct labor hours to work in process, Description Debit Credit f. Determined actual manufacturing overhead other than those items already recorded, $166,000. (Credit Accounts Payable.) Description Debit Credit Accounts payable g. Ending inventories of work in process and finished goods were $114,000 and $143,600, respectively. Determine the cost of finished goods (credit WIP) and the cost of goods sold (credit FG inver Description Debit Credit Work in process inventory Description Debit Credit Finished goods inventory h. Transferred the balance in Manufacturing Overhead to Cost of Goods Sold. Description Debit Credit - A