Journalize the following transactions:

1. Purchased direct materials on account, $20,000
2. Recognized depreciation on production plant & equipment, $4,000
3. Direct materials used in production, $16,000
4. Recognized expired plant insurance, $6,000
5. Direct labor used: $30,000; and indirect labor used: $10,000
6. Allocated overhead at the rate of 60% of direct labor cost
7. Cost of units completed, $50,000
8. Sales on account, $90,000
9. Cost of units sold, $65,000

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