Prepare journal entries to record transactions a through h.

Raw materials purchased on credit, $80,000.

Direct materials used, $37,000. Indirect materials used, $12,000.

Direct labor used, $25,000. Indirect labor used, $10,000. (Record using Factory Wages Payable.)

Paid cash for other actual overhead costs, $7,000.

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

Transferred cost of jobs completed to finished goods, $50,470.

Sales of jobs on credit was $72,100.

Cost of jobs sold was $50,470.