Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $98,000. b. Direct materials used in production, $41,500. Indirect materials used in production, $18,800. c. Paid cash for factory payroll, $45,000. Of this total, $33,000 is for direct labor and $12,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,125. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $63,000. g. Sold jobs on account for $90,000 g(2). The jobs had a cost of $63,000 g(1). Journal entry worksheet 1 2 3 3 4 5 6 7 8 9 > Record raw materials purchased on account. Debit Credit a. Note: Enter debits before credits. Cost of goods sold Transaction Factory overhead Factory payroll Finished goods inventory Raw materials inventory