1 5 points Skipped eBook Hint Ask Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account. $82,000 b. Direct materials used in production. $37,500. Indirect materials used in production, $17,200. c. Pald cash for factory payroll, $40,000. Of this total, $30,000 is for direct labor and $10,000 is for indirect labor. d. Pald cash for other actual overhead costs, $7,125. e. Applied overhead at the rate of 125% of direct labor cost f. Transferred cost of jobs completed to finished goods. $54.400. g1. Jobs that had a cost of $54,400 were sold. 92. Sold jobs on account for $77,000. View transaction list