Prepare journal entries to record transactions a through h a. Raw materials purchased on credit, $80,000. b. Direct materials used, $37,000. Indirect materials used, $12,000. c. Direct labor used, $25,000. Indirect labor used. $10,000. (Record using Factory Wages Payable.) d. Paid cash for other actual overhead costs. $7,000. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $50,470. g. Sales of jobs on credit was $72,100. h. Cost of jobs sold was $50,470