2 Prepare summary joumal entries to record the following transactions for a company in its first month of operations. o Raw materials purchased on account 584,000, b. Direct materials used in production $38.000 Indirect materials used in production, $13.500. c. Pald cash for factory payroll $45.000 of this total, S1000s for direct labor and 554.000 is for indirect labe d. Paid cash for other actual overhead costs $2,250 e. Applied overhead of the rate of 120 of direct labor cost f. Transferred cost of Jobs completed to finished goods. $58,500. gt. jobs that had a cost of $58.500 were sold 02. Sold jobs on account for 584,000 3:29 View traini > Journal entry worksheet