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

a.	Raw materials purchased on account, $90,000.
b.	Direct materials used in production, $39,500. Indirect materials used in production, $18,000.
c.	Paid cash for factory payroll, $60,000. Of this total, $40,000 is for direct labor and $20,000 is for indirect labor.
d.	Paid cash for other actual overhead costs, $7,625.
e.	Applied overhead at the rate of 125 percent of direct labor cost.
f.	Transferred cost of jobs completed to finished goods, $65,000.
g.	Sold jobs on account for $92,800. The jobs had a cost of $65,000.
h.	Close underapplied or overapplied overhead to cost of goods sold.