Date Name * 2. Journalize manufacturing cost transactions The Texas Company is a manufacturer of fire alarm equipment. During the month of July 2006, the firm had the following transactions and incurred the following costs: a. Raw materials were purchased on credit for $30,000. b. Direct materials costing $15,000 and indirect materials costing $7,000 were used during the month. c. Factory wages paid during the month totaled $23,650. The deductions were: social security taxes, $1,000; medicare taxes, $200; federal income taxes, $1,522, and group insurance premiums, $320. d. Direct labor costs were $40,000 and indirect labor costs were $6,627, as shown on the summary of factory wages for the month. art 3. Record scrap inventory. Destry Barnes Manufacturing Company maintains a Scrap Inventory account for metal scrap recovered from operations in the Molding Department. On February 15, 2017, 1,200 pounds of scrap with an estimated market value of $720 are transferred from the factory to the storeroom. Directions: Use the account names found in your textbook to do the following: a. Prepare the general journal entry to record the storage of the metal scrap. Credit Work in Process. b. Prepare the general journal entry to record the sale of 300 powds of scrap at 8.55 a pound on credit. c. Prepare the general journal entry to record the sale of 500 pounds of scrap at $.70 a pound of credit. art