Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $108,000. b. Direct materials used in production, $44,000. Indirect materials used in production, $19,800. c. Paid cash for factory payroll, $70,000. Of this total, $46,000 is for direct labor and $24,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,750. e. Applied overhead at the rate of 120% of direct labor cost. 1. Transferred cost of jobs completed to finished goods, $86,000 91. Jobs that had a cost of $86,000 were sold, 92. Sold jobs on account for $123,000. View transaction list Journal entry worksheet 5 6 7 8 9 Record raw materials purchased on account Note: Enter debits before credits Transaction General Journal Debit Credit a Record entry Clear entry View general journal 9 00 > Record the entry for indirect materials. Note: Enter debits before credits General Journal Transaction b(2) Debit Credit Record entry Clear entry View general journal Journal entry worksheet > Record other actual overhead costs, paid in cash. Note: Enter debits before credits. General Journal Debit Credit Transaction d Record entry Clear entry View general Journal Journal entry worksheet Record costs of jobs completed. Note: Enter debits before credits. General Journal Debit Credit Transaction f Record entry Clear entry View general journal Journal entry worksheet > 9 1