. E Problem Steelers Steel has the following process cost transactions. Journalize each on the next page. 1. Bought raw materials on account $200,000. 2. Transfers $150,000 of raw materials to Work in Process - Direct Materials and $15000 to Indirect Materials - Overhead. Gross wages 3. Incurs the following factory labor costs $120000 Health insurance premiums 15000 Matching payroll taxes 7650 4. Transfers Factory Labor to Work in Process (90%) and Indirect Labor - Overhead (10%) 5. Incurs $80,000 of overhead spending on account 6. Applies 895,000 of Manufacturing Overhead to Work in Process 7. Transfers $350,000 from WIP to Finished Goods 8. Sells goods costing $300,000 at a price of $400,000 9. Makes a $12000 positive (added) adjustment to Cost of Good Sold to adjust overhead 10. Buys more raw materials on account $150,000