daBb Problem ? 25 points A firm produces its products by a continuous process involving two production departments, I and 2. Present entries to record the following selected transactions related to production during August: (a) Materials purchased on account, $280,000. (b) Material requisitioned for use in Department 1, $155,700, of which $124,200 entered directly into the product (e) Labor cost incurred in Department 1, s215,500, of which S174,000 was used directly in the manufacture of the product d) Factory overhead costs for Department 1 incurred on account, $52,700. (e) Depreciation on machinery in Department 1, $39,200 (0 Expiration of prepaid insurance chargeable to Department 1, 56,000. (8) Factory overhead applied to production, S115,300. JOURNAL DEBIT