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

1. Raw materials purchased on account, $116,000.
2. Direct materials used in production, $46,000. Indirect materials used in production, $20,600.
3. Paid cash for factory payroll, $55,000. Of this total, $41,000 is for direct labor and $14,000 is for indirect labor.
4. Paid cash for other actual overhead costs, $9,250.
5. Applied overhead at the rate of 120% of direct labor cost.
6. Transferred cost of jobs completed to finished goods, $85,600.
7. Sold jobs on account for $123,000 g(2). The jobs had a cost of $85,600 g(1).