PA$2-4($Algo$)$ Preparing Journal Entries $[$LO $2-$S$1]$

Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $$228,660$ and total machine hours at $61,800.$ During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job:

Job $101$ Job $102$ Job $103$ Total

Direct materials used $ $10,700$ $ $9,000$ $ $5,400$ $ $25,100$

Direct labor $ $16,700$ $ $5,900$ $ $5,200$ $ $27,800$

Machine hours $1,300$ hours $2,000$ hours $1,200$ hours $4,500$ hours

Job $101$ was completed and sold for $$50,000.$

Job $102$ was completed but not sold.

Job $103$ is still in process.

Actual overhead costs recorded during the first month of operations totaled $$11,850.$

Required:

Prepare a journal entry showing the transfer of Job $102$ into Finished Goods Inventory upon its completion.

Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job $101.$

Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Do not round your intermediate calculations.