(Answered) Prepare the journal entries needed based on the information

Accounting

Prepare the journal entries needed based on the information below. Use Lesson 4 page 6 to assist you.

Estimated Overhead for the month: $10,000

Estimated Direct Labor Hours: 10,000

Purchased $25,000 of materials

Requisitioned $20,500 of materials to be placed into production
Incurred $14,500 of Direct Labor during the month (1450 hours)
Incurred the following Actual Factory Overhead Amounts:
Utilities: 7000
Indirect Materials: 500
Indirect Labor: 1000
Rent: 1000
Completed 2 jobs with a cost of $10,900
Sold both jobs completed at a price = cost + 50%
Applied Overhead is $9,600

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