Major League Bat Company manufactures baseball bats. In addition to its work in process Inventorles, the company maintains Inventorles of raw materlals and finished goods. It uses raw materlals as direct materials in production and as Indirect materlals. Its factory payroll costs include direct labor for production and Indirect labor. All materlals are added at the beginning of the process, and conversion costs are applied unlformly throughout the production process. Requlred: You are to maintain records and produce measures of Inventorles to reflect the July events of this company. The June 30 balances: Raw Materlals Inventory, $34,000; Work in Process Inventory, $10,220 ( $3,410 of direct materials and $6,810 of conversion); FInIshed Goods Inventory, $150,000; Sales, $0; Cost of Goods Sold, \$0; Factory Wages Payable, $0; and Factory Overhead, $0. 1. Prepare Journal entrles to record the following July transactions and events. a. Purchased raw materlals for $190,000 cash (the company uses a perpetual Inventory system). b. Used raw materlals as follows: direct materlals, $55,090; and Indirect materlals, $17,500. c. Recorded factory wages payable costs as follows: direct labor, $221,000; and Indirect labor, $32,500. d. Pald factory payroll cost of $253,500 with cash (Ignore taxes). e. Incurred additional factory overhead costs of $95,000 pald in cash. f. Applled factory overhead to production at 50% of direct labor costs. 2. Information about the July Inventorles follows. Use this Information with that from part 1 to prepare a process cost summary, assuming the weighted-average method is used. (Round "Cost per EUP" to 2 decimal places.) 3. Using the results from part 2 and the avallable Information, make computations and prepare journal entrles to record the following: g. Total costs transferred to finished goods for July. h. Sale of finished goods costing $303,200 for $700,000 in cash. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $190,000 cash (the company uses a perpetual inventory system). b. Used raw materials as follows: direct materials, $55,090; and indirect materials, $17,500. c. Recorded factory wages payable costs as follows: direct labor, $221,000; and indirect labor, $32,500. d. Paid factory payroll cost of $253,500 with cash (ignore taxes). e. Incurred additional factory overhead costs of $95,000 paid in cash. f. Applied factory overhead to production at 50% of direct labor costs. Journal entry worksheet 23456 Record the purchase of raw materials for cash. Note: Enter debits before credits. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the Using the results from part 2 and the available information, make computations and prepare journal entries to record the following: g. Total costs transferred to finished goods for July. h. Sale of finished goods costing $303,200 for $700,000 in cash. Show less 4 Journal entry worksheet Record the transfer of goods to Finished Goods Inventory. Note: Enter debits before credits