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Sovereign Millwork, Ltd., produces reproductions of antique residential moldings at a plant located in Manchester, England. Because there are hundreds of products, some of which are made only to order, the company uses a job-order costing system. On July 1, the start of the company's fiscal year, inventory account balances were as follows:
The company applies overhead cost to jobs on the basis of machine-hours. Its predetermined overhead rate for the fiscal year starting July 1 was based on a cost formula that estimated £99,000 of manufacturing overhead for an estimated activity level of 45,000 machine-hours. During the year, the following transactions were completed:
Raw materials requisitioned for use in production, £148,000 (materials costing £121,000 were chargeable directly to jobs; the remaining materials were indirect).
Prepaid insurance expired during the year, £18,600 (£13,000 of this amount related to factory operations, and the remainder related to selling and administrative activities).
Depreciation recorded on equipment, £23,000. (£16,000 of this amount was on equipment used in factory operations; the remaining £7,000 was on equipment used in selling and administrative activities.)
Manufacturing overhead cost was applied to jobs, £? (The company recorded 37,000 machine-hours of operating time during the year.)
Sales (all on account) to customers during the year totaled £500,000. These goods had cost £289,000 to manufacture according to their job cost sheets.
Prepare journal entries to record the transactions for the year. (Round your intermediate calculations to 2 decimal places. Omit the "£" sign in your response.)
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