Accounting 2 Journal Entry

Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $100,000. b. Direct materials used in production, $42,000. Indirect materials used in production, $15,000. c. Pald cash for factory payroll, $50,000. Of this total, $36,000 is for direct labor and $14,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,250. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $68,175. g. Sold jobs on account for $97,000 g(2). The jobs had a cost of $68,175 g(1)