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. f. Transferred cost of jobs completed to finished goods, $86,000. 91. Jobs that had a cost of $86,000 were sold g2. Sold jobs on account for $123,000. View transaction list Journal entry worksheet 1 9 Record raw materials purchased on account Note: Enter debits before credits Transaction Debit Credit General Journal Raw materials inventory Accounts payable 108,000 108,000