Exercise 15-5 Recording events in job Order costing P1 P2 P3 P4 Oking Rixhibit 15.15 as a guide, prepare summary journal entries to record the following transactions and events through g for a company in its first month of operations a. Raw materials purchased on account, $90,000 b. Direct materials used in production, $36,50). Indirect materials used in production, $19.200. c. Paid cash for factory payroll, 550,000. Or this total, 38,000 is for direct labor and $12,000 is for indi- rect labor d. Paid cash for other actual overhead costs, $11,475 e. Applied overhead at the rate of 125% of direct labor cost. 1. Transferred cost of jobs completed to finished goods, 556,800 9. Sold jobs on account for $82.000. The jobs had a cost of $56,800 Exercise 15-7 Cost flows in job order COM P1 P2 P2 The following information is available for Lock-Tite Company, which produces special order security products and uses a job order costing system