The Perrot Company is a computer manufacturer and had the fallowing transactions and events during the year. Estimated overhead for the year was $175,00; estimated labor for the year was 6,000 hours.

a. Purchase materials on account, $126,000.

b. Traced materials to jobs $110,880; general shop materials used $9,500.

c.labor traced to jobs $165,000, untraced labor was $22,200.

d.Overhead incurred (not including materials or labor): $139,600.

e.Overhead is applied to jobs based on labor hours. All workers were paid $30/hr.

f. Ending work-in-process consisted of one job with a cost of $1,976. There was no beginning work-in-process.

g. Completed jobs were billed to the customers for $476,000.

REQUIRED:

1. Prepare the journal entries to record the transactions for the year.

2.Prepare the journal entry to write-off the over- or underapplied overhead to the cost of the jobs. assume the over or underapplied overhead is immaterial.