Penn Corporation had the following transactions during its first month of operations: 1. Purchased raw materials on account, $88,000. 2. Raw Materials of $40,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,500 was classified as indirect materials. 3. Time tickets indicated that $125,000 was direct labor and $15,000 was indirect labor. 4. Manufacturing overhead was applied at the rate of 140% of direct labor cost. 5. Goods costing $118,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods.

Journalize the above transactions