Prepare summary journal entries to record the following transactions for a company in its first month of operations.

1. Raw materials purchased on account, $90,000.
2. Direct materials used in production, $39,500. Indirect materials used in production, $18,000.
3. Paid cash for factory payroll, $60,000. Of this total, $40,000 is for direct labor and $20,000 is for indirect labor.
4. Paid cash for other actual overhead costs, $7,625.
5. Applied overhead at the rate of 125% of direct labor cost.
6. Transferred cost of jobs completed to finished goods, $65,000.
7. Sold jobs on account for $92,800. The jobs had a cost of $65,000.