Question 3 Prepare the journal entries needed based on the information below. Use the lesson example to assist you: . Estimated overhead for the month: $10,000 Estimated direct labor hours: 10,000 Purchased $30,000 of materials Requisitioned $25,000 of materials to be placed into production Incurred $15,000 of direct labor during the month (1,500 hours) Incurred the following actual factory overhead amounts: o Utilities: $6,000 o Indirect materials: $300 o Indirect labor: $1,200 o Rent: $1,500 Completed two jobs with a cost of $12,000 Sold both jobs completed at a price = cost + 60% Applied overhead is $9,500 O