. The company applies manufacturing overhead on the basis of machine hours. Budgeted overhead machine activity for the year were anticipated to be $720,000 and 20,000 hours, respectively . The company worked on three jobs during the first quarter. Direct materials used, direct labor incu machine hours consumed were: Job No. Direct Materials Direct Labor Machine Hours 59 60 61 $18,000 $45,000 25,000 35,000 900 600 1,200 37,000 Manufacturing overhead during the first quarter included charges for depreciation ($20,000), indir (S50,000), indirect materials used ($4,000), and other factory costs (S108,700). Pincus completed job no. 59 and job no. 60. Job no. 59 was sold for cash, producing a gross profit for the firm. Required A. Determine the company's predetermined overhead application rate. B. Prepare journal entries as of March 31 to record the following. (Note: Use summary entries where appropriate by combining individual job data.) 1. The issuance of direct material to production, and the direct labor incurred. 2. The manufacturing overhead incurred during the quarter. 3. The application of manufacturing overhead to production. 4. The completion of job no. 59 and no. 60. 5. The sale of job no. 59