urgent

K-Co Company uses a job order costing system in its factory. When the 2021 budget was being prepared K-Co estimated that they would require 80,000 machine hours (MH's) which it will use as their overhead allocation base. Total estimated manufacturing overhead for 2021 is $6,000,000. Time le The May balance sheet showed the following inventory balances: Work in Process (Job 998) $3,600 Finished Goods (Job 997) $28,000 The GL showed that during June K-Co purchased $48,000 of raw materials and sold jobs 997 and 998. During the month of June actual costs incurred were: DM used DL used Actual MOH Job 998 14,000 22,000 7,500 Job 999 18,000 25,000 10,000 Total 43,500 53,000 MH used 90 200 During June jobs 998 and 999 were completed. ) Prepare any journal entries required to dispose of any MOH balances calculated above. (3 marks) 7