wKU BlackboardWKU TopnetIT Hel WKUU 8.00 points Exercise 2-20 Applying Overhead; Journal Entries; T-Accounts LO2-1, LO2-2, LO2-3, LO2-4, Dillon Products manufactures various machined parts to customer specific ations. The company uses a job-order costing system and applies overhead costs to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,800,000 in manufacturing overhead cost at an activity level of 240,000 machine-hours The company spent the entire month of January working on a large order for 16,000 custom made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow a Raw materials purchased on account, $325,000 b Raw materials requisitioned for production, S290.000 (80% direct materials and 20% indirect materials). c. Labor cost incurred in the factory $180,000 (one-third direct labor and two-thirds indirect labor). d. Depreciation recorded on factory equipment, $75,000 e. Other manufacturing ove f. Manufacturing overhead cost was applied to production on the basis of 15,000 machine-hours actually costs incurred, $62,000 (credit Accounts Payable). worked during the month g. The completed job was moved into the finished goods warehouse on January 31 to await delivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and applied overhead) Required 1 Prepare journal entries to record items (a) through (6) above. [Ignore lem (g) for the moment ] (If no entry is required for a transaction/event, select No journal entry required" in the first account field.) View transaction list