Saved Exam (CH 14 & CH 15) Prepare summary journal entries to record the following transactions for a company in its first month of operations. 22 16 points a. Raw materials purchased on account, $110,000 b. Direct materials used in production, $44,500. Indirect materials used in production, $20,000 c. Paid cash for factory payroll, $40,000. Of this total, $32,000 is for direct labor and $8,000 is for indirect labor d. Paid cash for other actual overhead costs. $8,875 e. Applied overhead at the rate of 125% of direct labor cost. 1. Transferred cost of jobs completed to finished goods, S72.000 g. Sold jobs on account for $103,000 12). The jobs had a cost of $72,000 (1) View transaction list Journal entry worksheet