Re-Tire produces bagged mulch made from recycled tires. Production involves shredding tires and packaging the pieces for sale in the bagging department. All direct materials enter in the first process. The following describes production operations for October Direct materials used Direct labor used 20% in Shredding: sex in Bagging, Fredetermined overhead rate (based on direct labor) Transferred to Bagging Transferred to finished goods 3522,000 $130,000 175% $595,000 $589, eee The company's revenue for the month totated $950,000 from credit sales, and its cost of goods sold for the month is $540,000. Prepare summary Journal entries dated October 31 to record its October production activities for (1) direct materials usage. (2) direct labor incurred () overhead applied (4) goods transfer from Shredding to Bagging. (5) goods transfer from Bagging to finished goods. (6) credit sales, and (7) cost of goods sold. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record direct materials used in production. ook unt Note: Enter debits before credits Transaction General Journal Debit Credit ces 1 Record entry Clear entry View general Journal Journal entry worksheet Record direct labor used in production, but not yet paid. ok Note: Enter debits before credits int General Journal Debit Credit Transaction 2 onces E Record entry Clear entry View general Journal Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits General Journal Debit Transaction 7 Credit Record entry Clear entry View general Journal