the predetermined overhead rate is 120%

Pharoah 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 $18,000, direct labor $ 10,800, and manufacturing overhead $ 14,400. As of January 1, Job 49 had been completed at a cost of $ 81,000 and was part of finished goods inventory. There was a $ 13,500 balance in the Raw Materials Inventory account on January 1 During the month of January, Pharoah 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 $ 109,800 and $ 142,200, respectively. The following additional events occurred during the month 1. 2. 3. Purchased additional raw materials of $ 81,000 on account Incurred factory labor costs of $ 63,000 Incurred manufacturing overhead costs as follows: depreciation expense on equipment $ 10,800: and various other manufacturing overhead costs on account $ 14,400. Assigned direct materials and direct labor to jobs as follows. 4. Job No. Direct Labor $4,500 50 Direct Materials $9,000 35,100 27.000 51 22,500 52 18,000 5. Assigned indirect materials of $ 15,300 and Indirect labor of S 18,000 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. (Ust 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 Debit Credit (1) (2) 1 (3)