Long Problem #2 - Job Order Casting Prepare all required joumal entries to record the following summarized operations related to production for the Smith Company using a job order cost system - Job #101: (1) (2) (3) (5) ( Raw Materials purchased on account, n30 $165,000 Raw Materials requisitioned: $25,000 Direct labor usod -2,000 hours at $15 per hour Factory overhead estimated to be $300,000 for the full year. Estimated to use 24,000 hours of direct labor What is the pre-determined Factory Overhead Rate? Incurred the following expenses for Factory overhead during the period: Depreciation $10,000 Supervisor Salary $8,000 Real Estate Taxes $ 6,000 Expired Insurance $ 2,000 Factory Overhead to be applied, based on direct labor hours, to Job #251 Accrued Selling expenses of $15,000 and Administrative expenses of $8,000 Job # 101 finished Job # 101 sold and shipped to customers - Selling Price $200,000 Terms 2/10, n30 Perpetual Inventory Accounting System -COGS (tag along entry) (6) (7) (8) (9)