• Prepare the journal entries needed based on the information below. Use the lesson example to assist you:
• Estimated overhead for the month: $10,000
• Estimated direct labor hours: 10,000
• Purchased $30,000 of materials
• Requisitioned $25,000 of materials to be placed into production
• Incurred $95,000 of direct labor during the month (9,500 hours)
• Incurred the following actual factory overhead amounts:
  • Utilities: $6,000
  • Indirect materials: $300
  • Indirect labor: $1,200
  • Rent: $1,500
• Completed two jobs with a cost of $12,000
• Sold both jobs completed at a price = cost + 60%