1) The predetermined overhead rate for Shilling Manufacturing is based on estimated direct labor costs of $350,000 and ectimatav furmm ovethead rate for Shilling Manufacturing is based on estimated direct labor costs of $350,000 and uming that it is not material in amount. 2) Drop Anchor takes special orders to manufacture sail boats for high-end customers. Prepare journal entries to record the transactions below and prepare job cost sheets for September. a. Purchased raw materials on credit, $145,000. b. Materials requisitions: Job 240,$48,000; Job 241,$36,000; Job 242, $42,000; indirect materials were $12,000. c. Time tickets used to charge labor to jobs: Job 240,$40,000; Job 241, \$30,000; Job 242, $35,000, indirect labor is $25,000. d. The company incurred the following additional overhead costs: depreciation of factory building, $70,000; depreciation of factory equipment, \$60,000; expired factory insurance, \$10,000; and utilities and maintenance cost of $20,000, all of which were paid in cash. c. Applied overhead to all three jobs. The predetermined overhead rate is 190% of direct labor cost. f. Transferred jobs 240 and 242 to Finished Goods Inventory. g. Sold job 240 for $300,000 for cash. h. Closed the under- or over-applied overhead account balance