MULHO your previous E2-23 (Static) Preparing Journal Entries [LO 2-S1) Pental Manufacturing Company incurred the following transactions during the year. a. Purchased raw materials on account, $50,500. b. Requisitioned raw materials of $32,000 to the factory, which included $8,300 of indirect materials. c. Accrued factory labor costs of $81,400, which included $17,000 of indirect labor. The workers have not yet been paid. d. Incurred actual manufacturing overhead costs (on account) of $90,000. e. Recorded depreciation for office equipment of $7.000. f. Manufacturing overhead was applied at the rate of 150% of direct labor cost. g. Completed jobs costing $102,000. h. Sold jobs costing $70,000 for $87,500 on account. Required: 1. Journalize transactions a-h. 2. Compute the over- or underapplied overhead. 3. Prepare the journal entry to transfer the over- or underapplied balance to Cost of Goods Sold 4. Compute adjusted cost of goods sold. Saved You received partial credit in the previous attempt. E2-23 (Static) Preparing Journal Entries [LO 2-S1) Pental Manufacturing Company incurred the following transactions during a. Purchased raw materials on account, $50,500. b. Requisitioned raw materials of $32,000 to the factory, which included $8,300 of indirect materials. C. Accrued factory labor costs of $81,400, which included $17,000 of indirect labor. The workers have not yet been d. Incurred actual manufacturing overhead costs (on account) of $90,000. e. Recorded depreciation for office equipment of $7,000. f. Manufacturing overhead was applied at the rate of 150% of direct labor cost. g. Completed jobs costing $102,000. h. Sold jobs costing $70,000 for $87,500 on account Required: 1. Journalize transactions o-h. 2. Compute the over- or underapplied overhead. 3. Prepare the journal entry to transfer the over: or underapplied balance to Cost of Goods Sold. 4. Compute adjusted cost of goods sold