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, $81,500; indirect materials, $ 8,800. C. Labor cost incurred: direct labor, $66,000; indirect labor, $24,260. 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 $240,200. g. (1) Finished goods costing $218,000 were (2) sold on account for 130 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. a. Materials 112,300 Accounts Payable 112,300 b. Work in Process 815,000 Overhead Control 8,800 Materials 90.300 c. Work in Process 660,000 Overhead Control 24,250 Wages Payable 90.250 d Overhead Control 46,200 Various Payables 46,200 e. Work in Process 97,500 97,800 Overhead Control 97,800 f. Finished Goods 240,200 Work in Process 240,200 9 (1). Cost of Goods Sold 218,000 Finished Goods 218,000 9 (2). Accounts Receivable 283,400 283,400 Sales Revenue 283,400 h. Cost of Goods Sold Overhead Control 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 "O". What is he ending balance in this account? Overhead Control Balance Balance 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