Quark Spy Equipment manufactures espionage equipment Quark uses a job-order costing system and applies overhead to jobs on the basis of direct labor-hours. For the current year, Quark estimated that it would work 100,000 direct labor-hours and incur $20,000,000 of manufacturing overhead cost. The following summarized information relates to January of the current year. The raw materials purchased include both direct and indirect materials. Raw materials purchased on account.. Direct materials requisitioned into production. Indirect materials requisitioned into production. Direct labor cost (7,900 hours @ $40 per hour). Indirect labor cost (10,200 hours @ $16 per hour). Depreciation on the factory building. Depreciation on the factory equipment. Utilities for the factory.. Cost of jobs finished. Cost of jobs sold Sales (all on account). $1,412,000 $1,299,500 $98,000 $316,000 $163,200 $190,500 $890,700 $79,600 $2,494,200 $2,380,000 $3,570,000 Required: Prepare journal entries to record Quark's transactions for the month of January Calculate the Predetermined Overhead Rate, record it, and Do not close out the manufacturing overhead account