Prepare the necessary journal entries from the following information for Blalock Company. a. Purchased materials on...

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Prepare the necessary journal entries from the following information for Blalock Company. a. Purchased materials on account, $56,700. b. Requisitioned materials for production as follows: direct materials - 80 percent of purchases, indirect materials - 15 percent of purchases. c. Direct labor for production is $33,100, indirect labor is $12,500. d. Overhead incurred (not including indirect materials or indirect labor): $52,900. e. Overhead is applied to production based on direct labor cost at the rate of 220 percent. f. Goods costing $97,600 were completed during the period. g. Goods costing $51,320 were sold on account for $77,600. h. Close the overhead control account to Cost of Goods Sold. Prepare the necessary journal entries from the following information for Blalock Company. a. Purchased materials on account, $56,700. b. Requisitioned materials for production as follows: direct materials - 80 percent of purchases, indirect materials - 15 percent of purchases. c. Direct labor for production is $33,100, indirect labor is $12,500. d. Overhead incurred (not including indirect materials or indirect labor): $52,900. e. Overhead is applied to production based on direct labor cost at the rate of 220 percent. f. Goods costing $97,600 were completed during the period. g. Goods costing $51,320 were sold on account for $77,600. h. Close the overhead control account to Cost of Goods Sold.

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