Journal Entries, T-Accounts Kapoor Company uses job-order costing. During January, the following data were reported: a. Materials purchased on account: direct materials. $97,500; indirect materials, $14,800. b. Materials issued: direct materials, $83,500; indirect materials, $ 8.800. c. Labor cost incurred: direct labor, $67,000; indirect labor, $25,450. d. Other manufacturing costs incurred (all payables), $46,200. e. Overhead is applied on the basis of 120 percent of direct labor cost. f. Work finished and transferred to Finished Goods Inventory cost $244,400. 9. (1) Finished goods costing $218,000 were (2) sold on account for 150 percent of cost. Make the entry to record the cost of the jobs first, followed by the entry to record the revenue from their sale. h. Any over- or underapplied overhead is closed to cost of Goods Sold. Required: 1. Prepare journal entries to record these transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Materials 112,300 Accounts Payable 112,300 b. Work in Process Overhead Control 33,500 3.800 Materials 92,300 c. 67,000 Work in Process Overhead Control Wages Payable 18,750 X 85,750 x 16.200 Overhead Control Various Payables 16,200 Work in Process 73,700 x Overhead Control 73,700 f. Finished Goods 237.100 x Work in Process 237.400 x 218,000 9 (1). Cost of Goods Sold Finished Goods 218,000 283,400 x 9 (2). Accounts Receivable Sales Revenue 283,400 x h. Cost of Goods Sold SO Overhead Control 50 2. Prepare a T-account for Overhead Control. Post the entries to the T-account in the same order in which they were journalized. If an amount is zero, enter "0". What is the ending balance in this account? Overhead Control Balance Balance Feedback Check My Work Set up a T-account and consider the information that pertains to an Overhead Control account. 3. Prepare a T-account for Work-in-Process Inventory. Assume a beginning balance of $10,000, and post the entries to the T-account in the same order in which they were journalized. Work in Process Inventory Balance Feedback Check My Work Set up a T-account and consider the data given that would be a part of work-in-process. Read the information carefully to decide the final two questions