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, $96,000. b. Direct materials used in production, $54,000. Indirect materials used in production, $13,000. c. Paid cash for factory payroll, $47,000. Of this total, $38,000 is for direct labor and $9,000 is for indirect labor. d. Paid cash for other actual overhead costs, $19,000. e. Applied overhead at the rate of 120 percent of direct labor cost. f. Transferred cost of jobs completed to finished goods, $123,800. g. Sold jobs on account for $173,000. The jobs had a cost of $123,800