Q1: The ABC company uses a job-order cost system and applies manufacturing overhead cost to jobs using a predetermined overhead rate based on the cost odf materials used in production., The following transactions took place during the year (all purchases and services were acquired on account) A. Raw materials purchased 62000 B. Raw material requisitioned to use in production (Direct materila); 63000 C. Utility bills (MOH) incurred in the factory 19000 D. Cost for salaries and wages incurred as follows - Direct labor 132000 - Indirect labor (MOH) 60000 - Required: Prepare the summary entries for the previous transactions. Q2: FedCorp allocates manufacturing overhead based on direct labor hours. Total estimated manufacturing overhead for the year is projected to be $300,000. Total estimated direct labor cost is $180,000, whereas total estimated direct labor hours to be worked are 10,000. Job order 1 uses 350 direct labor hours. - What is FedCorp's predetermined manufacturing overhead rate? - What is the total amount of the MOH allocated to the Job order 1