Job Cost journal Entries Prior to the beginning of 2016.Lowe Company estimated that it would incur 540.000 of manufacturing overhead cont during 2016 using 40.000 direct labor hours to produce the deured volume of goods On January 1, 2016, beginning balances of Materials inventory Work in Process Inventory and finished Goods invertory were $70.000.50 and 5107 Required Prepare general journal entries to record the following for 2016 a Purchased materials on account. 197.500 Description Debut Credit b. Of the total dollar value of materials used, 577,500 represented direct material and $27.500 indirect material Description Credit Work in process inventory c. Determined total factory labor, 5337,500 37.500 hrs.) d of the factory labor, 80% was direct and 20% indirect Description Dell Credit Work in process entory e. Applied manufacturing overhead based on direct labor hours to work in process Description Dube 1. Determined actual manufacturing overhead other than those terms already recorded 5230.000 Credit Accounts Payable e. Applied manufacturing overhead based on direct labor hours to work in process, Description Debit Credit 1. Determined actual manufacturing overhead other than those items already recorded, $230,000. (Credit Accounts Payable) Description Debit Credit Accounts payable g. Ending inventories of work in process and finished goods were 580.000 and 5142,500, respectively. Determine the cost of finished goods teredit WIP) and the cost of goods sold (credit FG invent 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 Job Cost Journal Entries Prior to the beginning of 2016, Lowe Company estimated that it would incur $440,000 of manufacturing overhead cost during 2016 in 60.000 direct labor hours to produce the desired volume of goods. On January 12016. beginning balances of Materials inventory, Work in Process invertory, and Finished Goods invertory were $70,000, 50, and $107.500, respectively Required Prepare general journal entries to record the following for 2016, a. Purchased materials on account, 597,500 Description Debit Credit b. Of the total dollar value of materials used, 577,500 represented direct material and $27,500 indirect material, Description Debit Credit Work in process inventory . c. Determined total factory labor, $337,500 (37,500 hrs. shr.). d. Of the factory labor, 80% was direct and 20% indirect . Debit Credit Description Work in process inventory e. Applied manufacturing overhead based on direct labor hours to work in process Debit Credit Description