The Owen Corporation provided the following information for the

month of September. Beginning inventories were as follows:

Raw materials $40,000

Work in process Job #101 $50,000

Finished goods Job #99 $100,000

1. Raw material purchased on account, $98,000
2. Utility charges for the factory incurred on account amounted to $3,000.
3. Materials requisitioned from stores during the month.

Job #101	$32,000
Job #102	35,000
Job #103	18,000
Factory Materials	7,000
Total Material Requisitions	$92,000

4. Factory Labor incurred during the month.

Job #101	$20,000
Job #102	22,000
Job #103	30,000
Indirect factory labor	26,000
Total Factory Summary	$98,000

5. Factory overhead rate used 150% of direct labor cost.

6. Depreciation on factory machines amounted to $6,000.

7. Job #101 and Job #102 were completed. (Complete job costs.)

8. Job #99 and Job #101 were sold for $200,000 and $250,000 respectively. (Two entries are required.)

Required:

11.-18.Provide the journal entries to reflect the information provided above for the month (use a cost accounting system).

19. Complete the job costs sheets using the T-accounts for inventories for the month.

11. Provide journal entry:

Raw material purchased on account, $98,000