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CoursHeroTranscribedText: #3 Quark Spy Equipment manufactures espionage equipment. Quark uses ajoborder costing system and applies oyerhead to jobs on the basis of direct laborhours. For the current year, Quark estimated that it would work 100,000 direct laborhours and incur $20,000,000 of manufacturing overhead cost. The following summarized information relates to January of the current year. The raw materials purchased include both direct and indirect materials. Raw materials purchased on account ........................ $1,412,000 Direct materials requisitioned into production ............. $1,299,500 Indirect materials requisitioned into production ........... $93,000 Direct labor cost {T300 hours @ $40 per hour} .......... $316,000 Indirect labor cost {10,200 hours @ $16 per hour} ...... $163,200 Depreciation on the factory building .......................... $190,500 Depreciation on the factory equipment ...................... $890,700 Utilities for the factory ............................................... $T9,600 Cost of jobs nished ................................................. $2,404,200 Cost of jobs sold ...................................................... $2,330,000 Sales (all on account} ............................................... $3,5?0,000 Required: Prepare journal entries to record lQuarks transactions for the month of January. Do not close out the manufacturing overhead account

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