QUESTION 26 Prepare the necessary journal entries (or use T-accounts, take a picture and send to me) to record the following transactions for Jennifer Inc. Purchased raw material on account, $56,700. Requisitioned raw material for production as follows: direct material-80 percent of purchases; indirect material-15 percent of purchases. Direct labor wages of $33, 100 are accrued as are indirect labor wages of $12,500. Overhead incurred and paid for is $66,900. Overhead is applied to production based on 110 percent of direct labor cost. 4 Goods costing $97,600 were completed during the period. Goods costing $51,320 were sold on account for $77,600