Kapoor Company uses job-order costing. During January, the following data were reported: a. Materials purchased on account: direct materials, $98,500; indirect materials, $14,800. b. Materials issued: direct materials, $82,500; indirect materials, $8,800. c. Labor cost incurred: direct labor, $67,000; direct labor, $18,750. d. Other manufacturing costs incurred (all payables), $46,200. e. Overhead is applied on the basis of 110 percent of direct labor cost. f. Work finished and transferred to Finished Goods Inventory cost $230,000. g. (1) Finished goods costing $215,000 were (2) sold on account for 140 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 113,300 Accounts Payable 113,300 b. Work in Process 82,500 Overhead Control 8,800 Materials 91.300 C. Work in Process 67,000 Overhead Control 18,750 Wages Payable 85,750 d. Overhead Control 46.200 Various Payables 46,200 Work in Process Overhead Control e. Work in Process Overhead Control f. Finished Goods 230,000 Work in Process 230,000 g (1). Cost of Goods Sold 215,000 215,000 V Finished Goods g (2). Accounts Receivable h. Sales Revenue Cost of Goods Sold Overhead Control Feedback Check My Work Consider each line of data to determine which accounts are affected and whether the account is to be debited or credited. 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 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 h Balance. Set up a 1-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