Words 3 QUESTION 18 8 points Dancer Corporation, which uses a job-costing system, had two jobs in process at the start of 20x1: job no. 59 ($95,000) and job no 60 ($39,500). The following information is available: The company applies manufacturing overhead on the basis of machine hours. Budgeted overhead and machine activity for the year were anticipated to be $720,000 and 20,000 hours, respectively. The company worked on three jobs during the first quarter. Direct materials used, direct labor incurred, and machine hours consumed were: Job No Direct Material Direct Labor Machine Hours 59 $18,000 $45,000 900 60 25,000 35,000 600 61 37,000 1,200 Manufacturing overhead during the first quarter included charges for depreciation ($20,000), indirect labor (50,000). indirect materials used ($4,000), and other factory costs (5108,700) Dancer completed job no. 59 and job no. 60. Job no. 59 was sold for cash, producing a gross profit of $24,600 for the firm Required A Determine the company's predetermined overhead application rate. B. Prepare journal entries as of March 31 to record the following (Note: Use summary entries where appropriate by combining individual job data.) 1 The issuance of direct material to production, and the direct labor incurred. 2. The manufacturing overhead incurred during the quarter 3. The application of manufacturing overhead to production. 4 The completion of job no. 59 and no. 60. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) T T T Arial TE i 3 (12pt) I Words:0 Path n