Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $88,000. b. Direct materials used in production, $39,000. Indirect materials used in production, $17,800 c. Pald cash for factory payroll , $55.000. Of this total, $39,000 is for direct labor and $16,000 is for indirect labor d. Paid cash for other actual overhead costs, $7.500. e. Applied overhead at the rate of 120% of direct labor cost. . Transferred cost of jobs completed to finished goods, $60,600. 91. Jobs that had a cost of $60,600 were sold 92. Sold jobs on account for $86,500. View rational Journal entry worksheet 7 8 9 > Record raw materiais purchased on account Transaction General Journal Debu Credit Record entry Chaar View general Journal Prepare summary Journal entries to record the following transactions for a company in its first month of operations, a. Raw materials purchased on account, $88.000. b. Direct materials used in production, $39,000. Indirect materials used in production, $17.800, c. Paid cash for factory payroll, $55,000 of this total $39.000 is for direct labor and S16,000 is for indirect labor d. Paid cash for other actual overhead costs, $7,500 e. Applied overhead at the rate of 120% of direct labor cost. 1. Transferred cost of jobs completed to finished goods, $60,600 g1. Jobs that had a cost of $60,600 were sold. 92. Sold jobs on account for $86,500 View transaction ist Journal entry worksheet