Prepare summary Journal entries to record the following transactions for a company in its first month of operations 00:52:15 a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37.000. Indirect materials used in production, $12,000 c. Pald cash for factory payroll, $35.000. Or this total, $25,000 is for direct labor and $10,000 is for indirect labor d. Pald cash for other actual overhead costs, $7.000. e. Applied overhead at the rate of 120% of direct labor cost. . Transferred cost of jobs completed to finished goods, $50,470. g. Sold jobs on account for $72,100. The jobs had a cost of $50,470. View transaction ist View joumal entry worksheet No Transaction General Journal Credit Raw materials inventory Accounts payable Debit 80,000 80,000 (1) Work in process inventory Raw materials inventory 37.000 37,000 (2) Factory overhead Raw materials inventory 12 000 12.000