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, $94,000. b. Direct materials used in production, $40,500. Indirect materials used in production, $25,000. c. Paid cash for factory payroll, $70,000. Of this total, $50,000 is for direct labor and $20,000 is for indirect labor. d. Paid cash for other actual overhead costs, $7,875. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $74,000. g. Sold jobs on account for $105,000. The jobs had a cost of $74,000.