Part III-Prepare the corresponding Journal Entries to account for the following transactions-25 points (include your working papers in your submission) Alcatraz Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of May. May 1 Purchased raw materials for $20,000 on account. 8. Raw materials requisitioned by production: $8,000 1,000 15 512 25 Direct materials Indirect materials Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. Incurred $108,000 of factory labor. 25 Time tickets indicated the following: Direct Labor (7,000 brs x $12 per bt) $84,000 Indirect Labor (3,000 hrs. x $8 per b) # 24,000 $108,000 2285 Applied manufacturing overhead to production based on a predetermined overhead rate of $6 per direct labor hour worked. Goods costing $18,000 were completed in the factory and were transferred to finished goods. 30 Goods costing $15,000 were sold for $20,000 on account. 31 Recorded the under or over-applied overhead. h Bnited States) Test Predictions: On Accessibility Good to go O Search Display Settings Focus