The following information was taken from the job cost sheet for Job 101 of your company:
Job 101 was sold on account on January 20, 2017 for 200 percent of its cost. Factory overhead is applied on the basis of direct labor costs.
Prepare the journal entries to record the costs incurred for Job 101 in 2016-2017 for direct materials, dir labor, and factory overhead.
Prepare the journal entry to record the completion of Job 101.
Prepare the journal entries to record the sale of Job 101.