III. Journal Entries. Make the appropriate journal entries for these transactions. DR CR

1. Raw materials were purchased on account, $40,000.

2. Actual MO costs were $80,000 on account.

3. A total of $60,000 of raw materials were moved to the factory, $50,000 direct, $10,000 indirect.

4. Direct Labor costs were $50,000 direct; indirect labor was $7,000.

5. MO is applied at the rate of 80% of direct labor cost.

6. Goods costing $45,000 were completed.

7. Sales were $55,000 on account; and COGS was $40,000.