Prepare summary journal entries to record the following transactions for a company in its first month of operations a. Raw materials purchased on account, $112,000. b. Direct materials used in production, $45,000. Indirect materials used in production, $20,200. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $6,000. e. Applied overhead at the rate of 120% of direct labor cost f. Transferred cost of jobs completed to finished goods, $75,720. 91. Jobs that had a cost of $75,720 were sold. g2. Sold jobs on account for $109,000