Part III-Prepare the corresponding Journal Entries to account for the following transactions-25 points (include your working papers in your submission) Alcatraz Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of May. May 1 Purchased raw materials for $20,000 on account. 8 Raw materials requisitioned by production: Direct materials Indirect materials $8,000 1,000 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 15 22 25 Incurred $108,000 of factory labor. 25 Time tickets indicated the following: 25 Direct Labor (7,000 hrs x $12 per hr) = $84,000 Indirect Labor (3,000 hrs x $8 per hr) 24,000 $108,000 Applied manufacturing overhead to production based on a predetermined overhead rate of $6 per direct labor hour worked. 281 Goods costing $18,000 were completed in the factory and were transferred to finished goods. 30 Goods costing $15,000 were sold for $20,000 on account. 31 Recorded the under or over-applied overhead.