Prepare 10 journal entries to record transactions a through h.

a. Raw materials purchased on credit, $116,000.

b. Direct materials used, $46,000. Indirect materials used, $20,600.

c. Direct labor used, $41,000. Indirect labor used, $14,000. (Record using Factory Wages Payable.)

d. Paid cash for other actual overhead costs, $9,250.

e. Applied overhead at the rate of 120% of direct labor cost.

f. Transferred cost of jobs completed to finished goods, $85,600.

g. Sales of jobs on credit was $123,000.

h. Cost of jobs sold was $85,600.

Journal Entry Instructions

1. Record raw materials purchased on account

2. Record the entry to assign costs of direct materials used.

3. Record the entry for indirect materials.

4. Record the entry for direct labor used.

5. Record the entry for indirect labor used.

6. Record other actual factory overhead costs.

7. Record the entry to apply overhead at a rate of 120% of direct labor cost.

8. Record costs of jobs completed.

9. Record the sale of jobs on account.

10. Record the cost of goods sold for job.