Aug 8, 2020 Transferred 60% of the raw materials purchased on August 4 into production. Assets Liabilities SK Equity Revenue Expense O Cool Sun produces awnings and screens. Show the effect of the following transactions Aug 8, 2020 Incurred direct labor costs of $3,000 WIP Inventory Factory overhead is applied $4,000 at 40% of the direct labor cost Salaries Payable $4,000 Aug 8, 2020 Transferred 60% of the raw materials purchased on August 4 into production. Assets Liabilities SK Equity Revenue Expense WIP Inventory $2,400 Raw Mat Inv ($2,400) Cool Sun produces awnings and screens. Show the effect of the following transactions Aug 8, 2020 Incurred direct labor costs of $3,000. Factory overhead is applied at 40% of the direct labor cost. WIP Inventory Salaries Payable $4,000 $3,000 Factory OH ($1,000)