QS 15-4 Raw materials journal entries 1 During the current month, a company that uses job order costing purchases $50,000 in raw materials for cash. It then uses $12,000 of raw materials indirectly as factory supplies and uses $32,000 of raw materials as direct materials. Prepare journal entries to record these three transactions. QS 15-5 Labor journal entries P2 During the current month, a company that uses job order costing incurred a monthly factory payroll of $180,000. Of this amount, $40,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions. QS 15-6 Factory overhead rates P3 A company estimates the following manufacturing costs for the next period: direct labor, $468,000; direct materials, $390,000; and factory overhead, $117,000. Compute its predetermined overhead rate as a percent of (1) direct labor and (2) direct materials. Express your answers as percents, rounded to the nearest whole number