Pratt Corporation manufactures electric staplers and uses a job-order cost accounting system. Record the journal entries for the following transactions. (Assume that Pratt uses a perpetual inventory system.)
a. Purchased raw materials, $ 148,000, paying cash.
b. Placed $ 76,000 of raw materials into production.
c. Issued checks for direct labor, $ 48,275.
d. Applied manufacturing overhead at the rate of 55 percent of direct labor.
e. Transferred completed production to Finished Goods Inventory.