CUFTENEMPUH Progress Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 8 15 25 25 Purchased raw materials for $20,000 on account. Raw materials requisitioned by production: Direct $8,000 materials Indirect 1,000 materials Paid factory utilities, $2,100 and repairs for factory equipment, $8.000 Incurred $108,000 of factory labor. Time tickets indicated the following: Direct Labor (7,000 hrs * $12 $84,000 per hr) Indirect Labor (3,000 hrs * $8 per 24,000 hr) $108,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $7 per direct labor hour worked. Goods costing $18,000 were completed in the factory and were transferred to finished goods, Goods costing $15.000 were sold for $20,000 on account 25 28 30 Prepare journal entries to record the above transactions during the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) . / 15.5 Date Account Titles and Explanation Debit Credit June 1 (Purchase of raw materials on account) 8 (To assign materials to jobs and overhead) 15 (To record payment of factory utilities and repairs) 25 (To record factory labor costs) 25 25 (To assign factory labor to jobs and overhead) 25 (To apply overhead to jobs) 28 (To record completion of production) 30 (To record sales of finished goods and its cost)