Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $22,800, direct labor $13,680, and manufacturing overhead $18,240. As of January 1, Job 49 had been completed at a cost of $102,600 and was part of finished goods inventory. There was a $17,100 balance in the Raw Materials Inventory account on January 1. 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 sold on account during the month for $139,080 and $180,120, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $102,600 on account. 2. Incurred factory labor costs of $79,800. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $13,680; and various other manufacturing overhead costs on account $18,240. 4. Assigned direct materials and direct labor to jobs as follows. 5. Job No. Direct Materials Direct Labor 50 $11,400 $5,700 51 44,460 28,500 52 34,200 22,800 Assigned indirect materials of $19,380 and indirect labor of $22,800. 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) Raw Materials Inventory Accounts Payable (2) Factory Labor Payroll Liabilities (3) Manufacturing Overhead Accumulated Depreciation-Equipment Accounts Payable Debit 102,600 79,800 31,920 Credit 102,600 79,800 13,680 18,240 Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) Work in Process Inventory Manufacturing Overhead Debit 90,060 19,380 Raw Materials Inventory (2) Work in Process Inventory 57,000 Manufacturing Overhead 22,800 Factory Labor (3) Work in Process Inventory 68,400 Manufacturing Overhead Credit 109,440 79,800 68,400 Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary. Job No. 50 Date Direct Labor Manufacturing Overhead Beg. Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Direct Materials $ LA $ $ CA $ $ CA +A $ $ GA Job No. 51 Date Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost $ LA $ LA Job No. 52 Date Direct Materials Jan. $ Direct Materials +A $ $ CA $ Direct Labor Direct Labor +A $ Manufacturing Overhead +A $ +A $ +A $ CA $ Manufacturing Overhead