Alam Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows: Raw Materials, Beginning balance Work in Process, Beginning balance Finished Goods, Beginning balance $ 14,500 $ 24,000 $ 43,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. The following transactions occurred during the year. Transactions 1) Raw material purchases $ 168,000 2) Raw materials used in production (70% direct)$ 142,000 3) Factory labor costs (85% direct) $ 261,000 4) Manufacturing overhead costs incurred $325,000 (including indirect materials and labor) 5) Manufacturing overhead costs applied $ 337,000 6) Cost of units completed $ 655,000 7) Any over- or underapplied manufacturing Compute overhead is closed to Cost of Goods Sold Prepare the appropriate journal entry for each of the items above (1. through 7.). You can assume that all transactions with employees, customers, and suppliers were conducted in cash