Saved Help Save & Exit Submi A manufacturer reports the following information. The company applies overhead using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Beginning $ 48,800 Ending $ 62,800 Work in process 13,800 Finished goods 68,800 24,600 37,980 5 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs $ 190,000 169,000 15,800 36,400 98,400 Prepare journal entries for the following transactions for the period. 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. 4. Direct labor used (recorded as factory wages payable). 5. Indirect labor used (recorded as factory wages payable). 6. Incurred other actual overhead costs (all paid in cash). 7. Applied overhead to work in process. View transaction list