Watson Manufacturing Company employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: 1 Direct materials requisitioned during the month: Job 101 $20,000 Job 102 16,000 Job 103 24,000 $60,000 2. Direct labor incurred and charged to jobs during the month was: Job 101 $32,000 Job 102 28,000 Job 103 20,000 $80,000 3. Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 75% of direct labor costs. Actual manufacturing overhead costs incurred and paid during the month amounted to 566,000 Job 101 consisting of 1,000 units and Job 103 consisting of 200 units were completed during the month. 4. 5