EXERCISE 2 Perkins Products, which uses a job order cost system, completed the following transactions during the current month: (A) Materials costing 75,000 were used on various jobs. (B) Time cards of direct workers indicate direct labor costs of 125,000 for the month. (C) Overhead is applied to jobs at a rate of 75% of direct labor cost. (D) Jobs with total accumulated costs of 165,000 were finished during the month. (E) Units costing 210,000 were sold during the month at sales prices totaling 390,000. All sales were on account. Instructions: (1) In the space provided, prepare a general journal entry for the month summarizing each of the above categories of transactions. Explanations may be omitted. (4 points per each of A, B, C, D, E) Debit Credit A B D E (2) Identify the processes for creating goods and services that are suited to job order costing. (10 points)