Holiday Manufacturing had the following inventories at December 31, Year 1, the end of its fiscal year: Materials inventory $22,800 Work-in-process inventory 24,000 Finished goods inventory 15,600 During January of Year 2 the following transactions occurred: 1. Purchased materials on account, $151,200. 2. Requisitioned direct materials of $132,000 and indirect materials of $24,000 3. Incurred wages payable, $73,200. 4. Assigned total wages payable, of which $13,200 was considered indirect labor. 5. Incurred other manufacturing overhead, $39,360. (Credit Accounts Payable.) 6. Applied manufacturing overhead on the basis of 120% of direct labor costs. 7. Determined completed production, $247,200. Use this information to determine the amount of WIP transferred to finished goods inventory. 8. Determined cost of goods sold, $243,600. Use this information to determine the reduction to finished goods inventory. Required part a. part b. a. Prepare general journal entries to record these transactions.