Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $110,000 b. Direct materials used in production, $44,500. Indirect materials used in production, $20,000. c. Paid cash for factory payroll, $40,000. Of this total, $32,000 is for direct labor and $8,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,875. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $72,000. g. Sold jobs on account for $103,000. The jobs had a cost of $72,000. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record raw materials purchased on account