Question 37 3 pts A company utilizes a job order cost accounting system. On March 1, the Raw Materials Inventory account had a balance of $12,200. In addition, there were jobs in process totaling $105,300 and completed jobs totaling $412,000 as of the beginning of the month. During March, the company purchased $175,000 of raw materials on account. It employed $154,500 of materials into production, of which $4,500 was for general factory use and not for any particular job. Factory labor, according to payroll records, totaled $241,300 for the month and were paid with cash. The factory labor total included $41,300 for managers and maintenance staff salaries. Other costs are as follows: $37,000 for factory equipment depreciation, $6,000 of factory prepaid insurance expired during the month, and $76,100 of factory expenses incurred on account. Factory overhead applied is based on a rate of 80% of direct labor. Jobs totaling $487,300 were completed during March. Finished goods as of March 1 were sold at twice their cost. Journalize the entry to close out Factory Overhead for the month. Use correct spelling on all account names. Do not abbreviate account names. Enter amounts as dollars with no decimal points. Do not input a dollar sign or any other symbols. DR CR Account Name $ Debit Credit