Problem Finn Nanufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. June 1 Purchased raw materials for $20,000 on account. 8 Raw materials requisitioned by production: Direct materials Indirect materials $8,000 1,000 15 25 25 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000 Incurred $108,000 of factory labor. Time tickets indicated the following Direct Labor (7,000 hrs $12 per hr) $84,000 Indirect Labor (3,000 hrs x$8 per hr)24,000 108.000 25 Applied manufacturing overhead to production based on a predetermined overhead 28 Goods costing $18,000 were completed in the factory and were transferred to 0 Goods costing $15,000 were sold for $20,000 on account. rate of $7 per direct labor hour worked finished goods