Matrix Manufacturing Company recently changed its factory to IIT production. The following expenditures occurred during the month of April:
1. Raw materials purchased and used, \(\$ 100,000\).
2. Factory overhead incurred, \(\$ 100,000\). Of this amount, \(\$ 40,000\) was labor.
3 Ending inventories for April were \(\$ 2,000\) in raw and in-process inventory, and \(\$ 8,000\) in finished goods inventory.
{Required:}
Prepare journal entries recording the above transactions.