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, $80,000.
b.	Direct materials used in production, $37,000. Indirect materials used in production, $12,000.
c.	Paid cash for factory payroll, $35,000. Of this total, $25,000 is for direct labor and $10,000 is for indirect labor.
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.	Sold jobs on account for $72,100. The jobs had a cost of $50,470.

Prepare journal entry for below transactions:

1. Record raw materials purchased on account .

2. Record the entry to assign costs of direct materials used.

3. Record the entry for indirect materials.

4. Record the usage of direct and indirect labor, paid in cash.

5. Record other actual overhead costs, paid in cash.

6. Record the entry to apply overhead at a rate of 120% of direct labor cost.

7. Record costs of jobs completed.

8. Record cost of sale of jobs.

9. Record sales on account.