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 tor 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. 9. Sold jobs on account for $123,000 g12] The jobs had a cost of $86.000 gt) Journal entry worksheet Record raw materials purchased on account Note: Enter debis before credits. General Joumal Debit Credit Prev 2 of 6 Next> ere to search Hi e