Prepare journal entries to record the following production activities for Hotwax. 1. Requisitioned $9,000 of indirect materials

Question:

Prepare journal entries to record the following production activities for Hotwax.
1. Requisitioned $9,000 of indirect materials for use in production of surfboard wax.
2. Incurred $156,000 overhead costs (credit “Other accounts”).
3. Applied overhead at the rate of 140% of direct labor costs. Direct labor costs were $125,000.