A firm produces its products by a continuous process involving three production departments, 1 through 3. Following are the selected transactions related to production during August: (a) Materials purchased on account, $120,000 (b) Material requisitioned for use in Department 1, $125,700, of which $124,200 entered directly into the product (c) Labor cost incurred in Department 1, $195,400, of which $174,000 was used directly in the manufacture of the product (d) Factory overhead costs for Department 1 incurred on account, $54,700 (e) Depreciation on machinery in Department 1, $29,200 ( Expiration of prepaid insurance chargeable to Department 1, $7,000 (9) Factory overhead applied to production in Department 1,$106,300 h) Output of Department 1 transferred to Department 2, $362,700 Required Present entries to record the selected transactions related to production during August. Refer to the Chart of Accounts for exact wording of account tities