Prepare summary Journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $92,000. b. Direct materials used in production, $40,000. Indirect materials used in production, $25,000 c. Pald cash for factory payroll, $65,000. Of this total, $45,000 is for direct labor and $20,000 is for indirect labor. d. Paid cash for other actual overhead costs $7.750. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of Jobs completed to finished goods, $69.000 91. Jobs that had a cost of $69,000 were sold 92. Sold jobs on account for $98,000. View transaction list Journal entry worksheet