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Sept, and Ost, 2029, 106 I was compiered on Sept, 20 ; the other two jobs were not finished on Oct. 31. Job cost sheets of ithe three jobs are riven below: - Jobs 2 and 3 were started daring Sept. The following additional information is available: a. Manufacturing overhead is assigned to jobs on a basis of direct labor cost. b. Balances in the inventory accounts at Sept. 30 were: RawMaterialWIPFin.Goods$60,000?$100,000 Required: 1. Prepare T-accounts for Raw Materials, Work in Process, Finished Goods and Manufacturing Overhead. Enter the Sept. 30 balances given above, in the case of Work in Process, compute the Sept-. 30 balance and enter it into the Work in Process T-account. 2. Prepare journal entries for October as follows: a) Prepare an entry to record the issue of materials into production, and post the entry to appropriate Taccounts. Indirect marerials used during Oct, totaled $7,200. b) Prepare an entry to record the incurrence of labor cost, and post the entry to appropriate T-accounts. Indirect labor cost totaled $14,000 for Oct. c) Prepare an entry to record the incurrence of $38,800 in various actual manufacturing overhead costs for Oct. (Credit Accounts Payable.) 3. What apparent predetermined overhead rate does the company use to assign overhead cost to jobs? Using this rate prepare a journal entry to record the application of overhead cost to jobs for Oct. Post this entry to appropriate T-sccounts. 4. As stated earlier, job I was completed during Oct.. Prepare a journal entry to show the transfer of this job off of the production line and into the finished goods warehouse. Post the entry to appropriate T-accounts. 5. Determine the balance at Oct, 31 in the Work in Process inventory account. How much of this balance consists of costs traceable ta job 2 ? To job 3