Raw materials Work in process Finished goods $ 72,500 $ 18,200 $46,500 The company applies overhead cost to jobs on the basis of direct labor hours. For the current year, the company's predetermined overhead rate of $15.50 per direct labor hour was based on a cost formula that estimated $620,000 of total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $628,000. b. Raw materials used in production, $598.000. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $570,000; indirect labor, $150,000; selling and administrative salaries, $266,000. d. Incurred various selling and administrative expenses (e.g, advertising, sales travel costs, and finished goods warehousing). $418,000. e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities). $470,000 f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year g. Jobs costing $1717,900 to manufacture according to their job cost sheets were completed during the year. Jobs were sold on account to customers during the year for a total of $3,225,000. The jobs cost $1,727,900 to manufacture according to their job cost sheets. Q Required: 1. What is the journal entry to record raw materials used in production? (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.)