Manufacturing Cost Flow Journal Entries Hardwood Inc. uses Job-Order Costing and had the following data for August: 1. Direct materials purchased on account, $241,000. 2. Direct materials used in production, $150,000 3. Direct labor cost used in production, $78,000. 4. The company applies manufacturing overhead cost to production using an overhead rate of 80% of labor cost. 5. Production orders costing $614,000 according to their job cost sheets were completed during the month and transferred from Work-in-Process to Finished Goods. 6. Production orders that had cost $550,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 25% above cost. Required: Prepare the required journal entries to record the information for the month