Check m Exercise 2-6 Recording events in job order costing LO P1, P2, P3, P4 Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $94,000. b. Direct materials used in production, $40,500. Indirect materials used in production, $25,000 c. Paid cash for factory payroll, $70,000. Of this total, $50,000 is for direct labor and $20,000 is for indirect labor d. Paid cash for other actual overhead costs, $7,875 Applied overhead at the rate of 125% of direct labor cost f. Transferred cost of jobs completed to finished goods, $74,000. g. Sold jobs on account for $105,000 g(2). The jobs had a cost of $74,000 g(1). e. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 to search