Journal entry worksheet 5 Record direct labor costs for Jobs 395 and 396. (Recorded as factory wages) Note: Enter debits before credits. Enter answers in the tabs below. Compute gross profit for the year. Enter answers in the tabs below. Compute total assets as of December 31 . tecord the entry to close over-or underapplied overhead (to Cost of Goods Sold). Journal entry worksheet Record the entry to close over- or underapplied overhead to Cost of Goods Sold. Note: Enter debits before credits. The documents below must be processed to make the accounting records current. M stands for materials requisition and T stands for time ticket. Enter answers in the tabs below. Enter factory overhead amounts from part 1 into a Factory Overhead T-account and compute the amount of over-or underapplied overhead. The documents below must be processed to make the accounting records current. M stands for materials requisition and T stands for time ticket. At year-end, only Jobs 395 and 396 are in process. The company uses a predetermined overhead rate of 200% of direct labor cost. Enter answers in the tabs below. Prepare journal entries to record costs of (a) through (e). a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. Prepare an updated list of account balances as of December 31. Hint: Use the prior year's Retained Eamings balance of $221,000 in this list. Do not include accounts with zero balances