5 B0112:35 Prepare summary journal entries to record the following transactions for a company in its first month of operations a. Raw materials purchased on account, $116,000. b. Direct materials used in production, $46,000. Indirect materials used in production, $20,600. c. Paid cash for factory payroll, $55,000. Of this total, $41,000 is for direct labor and $14,000 is for indirect labor. d. Paid cash for other actual overhead costs, $9,250. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $85,600. g1. Jobs that had a cost of $85,600 were sold. g2. Sold jobs on account for $123,000. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 > Record raw materials purchased on account.