Case 2 (4 Marks) The Palm Beach Company manufactures seasonal products in California and sells to many merchandisers in the state. During 2019 the following financial data is provided. 1. Direct materials and supplies purchased on credit 40,000. 2. Direct materials used 12,000 3. Direct manufacturing labor 24,000 4. Manufacturing overhead allocated at 160% of direct labor cost 5. Cost of goods sold 32,000 Required: Prepare journal entries for the above transactions