Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $228,290 and total machine hours at 61,700. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used $10,400 Direct labor Machine hours Job 101 $17,200 1,500 hours Job 102 $ 8,900 $ 5,100 Job 103 $4,200 $4,600 2,600 hours 600 hours Total $23,500 $26,900 4,700 hours Job 101 was completed and sold for $50,300. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $12,890. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations.) 1.42 5 Machine hours points eBook Print References 10 1,500 hours 2,600 hours 600 hours 4,700 hours Job 101 was completed and sold for $50,300. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $12,890. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations.) View transaction list Journal entry worksheet A B D Record the transfer of completed job 102 to finished goods inventory. Note: Enter debits before credits. Transaction 01 General Journal Finished Goods Inventory Work in Process Inventory Debit Credit Record entry Clear entry View general journal