Prepare summary journal entries to record the following transactions and events a through g for a company in its first month of operations.

a. Raw materials purchased on account, $92,000.

b. Direct materials used in production, $40,000. Indirect materials used in production, $25,000.

c. Paid cash for factory payroll, $65,000. Of this total, $45,000 is for direct labor and $20,000 is for indirect labor.

d. Paid cash for other actual overhead costs, $7,750.

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

f. Transferred cost of jobs completed to finished goods, $69,000.

g. Sold jobs on account for $98,000. The jobs had a cost of $69,000.