Journalize the below transactions for Penn Corporation during July: 1-Jul Purchased raw materials on account, SK8,000. 3-Jul Raw Materials of $60,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $27,500 was classified as indirect materials 6-Jul Factory labor costs incurred were $140,000 of which $120,000 pertained to factory wages payable and the remaining amount pertained to taxes payable 10-Jul Time tickets indicated that $125,000 was direct labor and $15,000 was indirect labor. 15-Jul Incurred the following overhead costs during the year: Utilities $35,800, Depreciation on manufacturing machinery $29,000, Repairs $1,200, Factory insurance $18,000, manufacturing machin 22-Jul Manufacturing overhead was applied to production 28-Jul Goods costing $214,500 were completed at the end of the month 28-Jul Goods costing $105,000 to manufacture were sold on account for $137,000. 31-Jul Compute the balance in Manufacturing Overhead for the year, indicate whether overhead is over or under applied and prepare any necessary closing entries Instruction: Prepare the journal entries above in proper format assuming factory overhead is applied at the rate of 140% of direct labor cost