Journal entries; cost accumulation The following costs were incurred in February by Container Corp., which produces customized steel storage bins: Direct material purchased on account $197,600 Direct material used for jobs: Job #217 Job #218 Other jobs Direct labor costs for month: $116,480 18,720 139.360 274,560 Job #217 $27,040 job #218 36,400 Other jobs 50,960 114,400 Actual overhead costs for February 572,000 The balance in Work in Process Inventory on February 1 was $43,680, which consisted of $29,120 for Job # 217 and $14,560 for Job #218. The February beginning balance in Direct Material Inventory was $115,960. Actual overhead is applied to jobs at a rate of $4.95 per dollar of direct labor cost. Job # 217 was completed and transferred to Finished Goods Inventory during February. Job #217 was delivered to the customer at the agreed-upon price of cost plus 35 percent. a. Prepare journal entries to record the preceding information. Note: List any multiple debits or any multiple credits in alphabetical order by account name. Account 1 Raw Material Inventory Cash or Payables Debit Credit 197,600 0 197,600 To record raw materials purchased on account 2 WIP-job 217 WIP-Job 218 WP-other jobs 116,480 03 18,720 0 139,360 0 374560 8:5