Marigold Guitar Company makes high-quality customized guitars. Marigold uses a job order costing system. Because the guitars are handmade, the company applies overhead based on direct labor hours. At the beginning of the year, the company estimated that total manufacturing overhead costs would be $ 313,500 and that 20,900 direct labor hours would be worked. At year-end, George, the company's founder and CEO, gives you the following information regarding Marigold's operations. 1. The beginning balances in the inventory accounts were: $ 7.700 Raw Materials inventory Work in Process Inventory Finished Goods Inventory $25.500 $ 31,600 2. During the year, the company purchased raw materials costing $ 98,000. All purchases were made on account 3. The production department requisitioned $ 101,000 of raw materials for use in production. Of those, 70% were direct materials and 30% were indirect materials 4. The company used 20,600 direct labor hours at a cost of $ 14 per hour during the year (credit Wages Payable). S. The company used 6,200 indirect labor hours at a cost of $ 9 per hour (credit Wages Payable). 6. The company paid $ 178,500 for insurance, utilities, and property taxes on the factory. 7. The company recorded factory depreciation of $ 40,000. 8. The company applied manufacturing overhead to inventory based on the 20,600 labor hours actually worked during the year. 9. Products costing $ 669,000 were completed during the year and transferred to the Finished Goods Inventory. 10. During the year, the company sold products costing a total of $ 668,000 11. The company closes under and overapplied overhead to Cost of Goods Sold. No. Account Titles and Explanation Debit Credit 1 2 (To record raw materials purchases) 3 . (To record use of direct and indirect materials in production) 4 (To record direct labor payroll) 5 (To record indirect labor payroll) 6. (To record other manufacturing overhead incurred) 7. (To record factory depreciation) 8. (To apply manufacturing overhead) 9. (To record transfer of completed products to finished goods) 1.0. (To record cost of sales) 11 Hintaba