n Chapters 14-19 6 Saved Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $96,000. b. Direct materials used in production, $41,000. Indirect materials used in production, $18,600. c. Paid cash for factory payroll, $40,000. Of this total, $32,000 is for direct labor and $8,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $60,000. g1. Jobs that had a cost of $60,000 were sold. g2. Sold jobs on account for $85,000. View transaction list Journal entry worksheet 4 5 9 6 7 8