Saved Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $106,000. b. Direct materials used in production, $43,500. Indirect materials used in production, $19,600. c. Paid cash for factory payroll , $65,000. Of this total, $43,000 is for direct labor and $22,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,625. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $82,000. ) 91. Jobs that had a cost of $82,000 were sold. 92. Sold jobs on account for $118,000. View transaction list Journal entry worksheet