Question 1 of 1 > 0.13/1 View Policles Show Attempt History Current Attempt in Progress Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,600, direct labor $14.160, and manufacturing overhead $18.880. As of January 1.Job 49 had been completed at a cost of $106,200 and was part of finished goods inventory. There was a $17.700 balance in the Raw Materials Irwentory account During the month of January, Sheridan Company began production on Jobs 51 and 52 and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $143,960 and $186,440, respectively. The following additional events occurred during the month 1. Purchased additional raw materials of $106,200 on account 2 Incurred factory labor costs of $82,600. Of this amount $18,880 related to employer payroll taxes 3 Incurred manufacturing overhead costs as follows: Indirect materials $20,060; indirect labor $23.600; depreciation expense on equipment $14.160; and various other manufacturing overhead costs on account $18,880, Assigned direct materials and direct labor to jobs as to follows 4 Job No 50 51 52 Direct Materials $11.800 46,020 35.400 Direct Labor $5.900 29.500 23,600 TC) Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation (1) (2) (3) e Textbook and Media