How to prepare journal entries for the following transactions for Melton Corporation using job costing:a) Materials purchased on account – $50 500b) Materials requisitioned for use in production: direct materials – $30 600 indirect materials – $5 400c) Manufacturing labor incurred – $26 000d) Manufacturing labor allocation – 90% direct labor 10% indirect labore) Depreciation on factory equipment – $5 000f) Prepaid expenses used relating to manufacturing operations – $6 100g) Other miscellaneous factory costs incurred – $12 000 (credit accounts payable)h) Manufacturing overhead is allocated at 120% direct labori) cost of jobs completed – $80 000j) Jobs sold to customers on account: costs of jobs -$70 000 sales price – $125 000
