The following events occurred over the course of a year at Sheridan Corp., which uses a job order costing system: 1. Direct materials purchases totaled $581,000. Sheridan Corp tracks its direct materials separately from its indirect materials. Purchases were made on account. 2. $131,000 of indirect materials were used in production. Sheridan uses a separate Supplies Inventory account for indirect materials. 3. $557,000 of direct materials were used in production. 4. The direct labor payroll was $791,000 (credit Wages Payable). 5. Other manufacturing overhead costs incurred during the year totaled $682,000. 6. Sheridan applies overhead based on a predetermined overhead rate of $23 per machine hour. The company used 50,000 machine hours during the year. 7. During the year, Sheridan transferred goods costing $2,420,000 into the Finished Goods Inventory account. 8. Sheridan sold products with a manufacturing cost of $2,398,000 to customers during the year. Your answer is partially correct. Prepare journal entries to record these events. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Post entries in order presented in the problem.)