nstruction A tiem produces its products by a continuous process involving three production departments, through 3. Following are the selected transactions related to production during August (a) Materials purchased on account, 5120,000 (b) Material requisitioned for use in Department 1, $125,700, of which 5124 200 entered directly into the product (c) Labor cost incurred in Department 1.5195.400, of which 5174,000 was used directly in the manufacture of the product (d) Factory Overhead costs for Department 1 incurred on account, 554 700 (e) Depreciation on machinery in Department 1.529,200 Expiration of prepaid insurance chargeable to Department 1. 57.000 (o) Factory overhead applied to production in Department 1.5106.300 ) OutOut of Department 1 transferred to Department 2 5362.700 Required: Present entries to record the selected transactions related to production during August Refer to the Chart of Accounts for exact wording of accountities