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4 (of 6) 4. value: 2.00 polnts Dillon Products manufactures various machined parts to customer specifications. 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 $4,245,000 in manufacturing overhead cost at an activity level of 566,000 machine-hours spent the entire month of January working on a large order for 8,200 custom made The 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, $316,000 b Raw materials requisitioned for production, S258 000 80% direct and 20% indirect) c. Labor cost incurred in the factory, $159,000, of which $53,000 was direct labor and $106,000 was indirect labor d. Depreciation recorded on factory equipment, $63,200 e. Other manufacturing overhead costs incurred, $84,800 (credit Accounts Payable) f Manufacturing overhead cost was applied to production on the basis of 40,960 machine-hours actually 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 jourmal entries to record items (a) through (0 above. [Ignore item (g) for the moment (If no t account entry is required for a transactionleven t, select "No journal entry required" in the first field. Do not round intermediate calculations.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Raw materials 316,000

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