Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $118.000 b. Direct materials used in production, $46,500. Indirect materials used in production, $20.800. c. Paid cash for factory payroll, $60.000. Of this total, $43,000 is for direct labor and $17.000 is for indirect labor d. Paid cash for other actual overhead costs $9,375. e. Applied overhead at the rate of 125% of direct labor cost f. Transferred cost of jobs completed to finished goods. $91,000. g. Sold jobs on account for $130.000 g/2). The jobs had a cost of $91,000 9(. View transaction list View journal entry worksheet Deba Credit 1 Record raw materials purchased on account 2 Record the entry to assign costs of direct materials used. 3 Record the entry for Indirect materials 4 Record the usage of direct and indirect labor paid in 5 Record other actual overhead costs, pald in cash. 6 Record the entry to apply overhead at a rate of 125% of direct labor cost. 7 Record costs of jobs completed. journal entry has been entered Note: View transaction list View journal entry worksheet X: Debit Credit 3 Record the entry for indirect materials, 4 Record the usage of direct and indirect labor, paid in cash. 5 Record other actual overhead costs, paid in cash. 6 Record the entry to apply overhead at a rate of 125% of direct labor cost. 7 Record costs of jobs completed. 8 Record the cost of the Jobs sold. 9 Record sales on account. Note : journal entry has been entered