Below is a list of transactions for Hodge Co., a manufacturing entity. Prepare summary journal entries to record each of the transactions for Hodge Co. in its first month of operations. a. Raw materials purchased on account, $114,000 b. Direct materials used in production, $45,500. Indirect materials used in production, $20,400 c. Paid cash for factory payroll, $50,000 of this total. $37,000 is for direct labor and $13.000 is for indirect labor d. Paid cash for other actual overhead costs. $9,125. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $80,500. g1. Jobs that had a cost of $80,500 were sold. g2. Sold jobs on account for $115,000. View transaction list 1 Record raw materials purchased on account 2 Record the entry to assign costs of direct materials used. 3 Record the entry for indirect materials. g2. Sold jobs on account for $115,000. View transaction list 3 Record the entry for indirect materials. 4 Record the usage of direct and indirect labor, paid in cash. 5 Record other actual overhead costs, paid in cash. 6 Record the entry to apply overhead at a rate of 125% of direct labor cost. 7 Record costs of jobs completed. 8 Record the cost of the jobs sold. 9 Record sales on account. Note: = journal entry has been entered 2 Record raw materials purchased on account. Record the entry to assign costs of direct materials used. 3 Record the entry for indirect materials. 4 Record the usage of direct and indirect labor, paid in cash. 5 Record other actual overhead costs, paid in cash. 6 Record the entry to apply overhead at a rate of 125% of direct labor cost. 7 Record costs of jobs completed. Note: = journal entry has been entered