A firm produces its products by a continuous process involving three production departments, 1 through 3. Journalize the entries to record the following selected transactions related to production during August: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $120,000. Materials 120,000 Accounts Payable 120,000 b. Material requisitioned for use in Department 1, $125,700, of which $124,200 entered directly into the product. Factory Overhead-Department 1 Work in Process-Department 1 Materials 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. f. Expiration of prepaid insurance chargeable to Department 1, $7,000. g. Factory overhead applied to production in Department 1, $106,300. h. Output of Department 1 transferred to Department 2, $362,700