Question: Please answer this question and explain how you solved it. Thank you! Job Cost Journal Entries Prior to the beginning of 2016, Lowe Company estimated

Please answer this question and explain how you solved it. Thank you!  Please answer this question and explain how you solved it. Thank
you! Job Cost Journal Entries Prior to the beginning of 2016, Lowe
Company estimated that it would incur $264,000 of manufacturing overhead cost during

Job Cost Journal Entries Prior to the beginning of 2016, Lowe Company estimated that it would incur $264,000 of manufacturing overhead cost during 2016 using 24,000 direct labor hours to produce the desired volume of goods. On January 1,2016, beginning balances of Materials Inventory, Work in Process Inventory, and Finished Goods Inventory were $42,000, $-0-, and $64,500, respectively Required Prepare general journal entries to record the following for 2016 a. Purchased materials on account, $58,500. Description Debit Credit b.Of the total dollar value af materials used, $46,500 represented direct material and $16,500 indirect material Description Debit Credit Work in process inventory c. Determined total factory labor, $202,500 (22,500 hrs.@ $9/hr) d, of the factory labor, 80% was direct and 20% indirect. Descriptiorn Debit Credit Work in process inventory

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