Tyler Tooling Company uses a job 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 $420,000 and total machine hours at 60,000. During the month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labour cost, and machine hours for each job.

Job 101 Job 102 Job 103 Total

Direct material used $19,200 $14,400 $9,600 $43,200

Direct labour $28,800 $11,200 $9,600 $49,600

Machine hours 1,000 hours 4,000 hours 2,000 hours 7,000 hours

Job 101 was completed and sold for $60,000

Job 102 was completed but not sold

Job 103 is still in process

Actual costs recorded during the first month of operations totaled $45,000

Required:

1. Prepare 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 transaction/event, select "No Entry Required" in the first field. Do not round your immediate calculations)