Prepare journal entries to record the following transactions: January 1 Purchased materials costing $220,000, paying cash. January 10 Incurred labor costs of $312,000, which $200,000 was direct to be paid next week January 15 Used material in production, $203,000 of which $125,000 was direct. January 18 Incurred depreciation on drill for $13,500. January 23 Applied the Overhead amounting to $320,000 January 28 Completed some of the jobs that we were working on that cost us $452,000. January 31 Sold jobs for $525,000 that cost $385,000