Specialty Components began 2002 with three jobs in process:
$$
\begin{aligned}
&\text { TYPE OF COST }\\
&\begin{array}{|c|c|c|c|c|c|}
\hline \text { Job No. } & \text { Direct Material } & \text { Direct Labor } & \text { Overhead } & & \text { Total } \\
\hline 247 & \$ 77,200 & \$ 91,400 & \text { \$ } 34,732 & \$ & 203,332 \\
\hline 251 & 176,600 & 209,800 & 79,724 & & 466,124 \\
\hline 253 & 145,400 & 169,600 & 64,448 & & 379,448 \\
\hline \text { Totals } & \$ 399,200 & \$ 470,800 & \overline{\$ 178,904} & & 1,048,904 \\
\hline
\end{array}
\end{aligned}
$$
During 2002, the following transactions occurred:
1. The firm purchased and paid for $$\$ 532,000$$ of raw material.
2. Factory payroll records revealed the following:
• Indirect labor incurred was $$\$ 54,000$$.
• Direct labor incurred was $$\$ 602,800$$ and was associated with the jobs as follows:
$$
\begin{array}{cr}
\text { Job No. } & \text { Direct Labor Cost } \\
\hline & \\
247 & \$ 17,400 \\
251 & 8,800 \\
253 & 21,000 \\
254 & 136,600 \\
255 & 145,000 \\
256 & 94,600 \\
257 & 179,400
\end{array}
$$
3. Material requisition forms issued during the year revealed the following:
• Indirect material issued totaled $$\$ 76,000$$.
• Direct material issued totaled $$\$ 468,400$$ and was associated with jobs as follows:
$$
\begin{array}{cr}
\text { Job No. } & \text { Direct Material Cost } \\
\hline & \\
247 & \$ 14,400 \\
251 & 6,200 \\
253 & 16,800 \\
254 & 103,200 \\
255 & 119,800 \\
256 & 72,800 \\
257 & 135,200
\end{array}
$$
4. Overhead is applied to jobs on the basis of direct labor cost. Management budgeted overhead of $$\$ 240,000$$ and total direct labor cost of $$\$ 600,000$$ for 2002. Actual total factory overhead costs (including indirect labor and indirect material) for the year were $$\$ 244,400$$.
5. Jobs $\# 247$ through $\# 255$ were completed and delivered to customers, C.O.D. The revenue on these jobs was $$\$ 2,264,774$$.
a. Prepare journal entries for all of the above events.
b. Determine ending balances for jobs still in process.
c. Determine cost of jobs completed, adjusted for underapplied or overapplied overhead.