[The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and u order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost Inventories Raw materials Work in process Beginning of End of Period period $ 41,000 $ 45,000 9,600 19,400 65,000 34,300 Finished goods Cost incurred for the period Raw materials purchases $ 180,000 Factory payroll 100,000 Factory overhead (actual) Indirect materials used. 14,000 Indirect labor used 23,000 Other overhead costs 115,000 Exercise 2-13 (Algo) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. Prepare journal entries for the above transactions for the period Answer is complete but not entirely correct. No Transaction General Journal Debit Credit A 1 Raw materials inventory 180,000 Cash C 180,000 B 2 C 3 Work in process inventory Raw materials inventory Factory overhead Raw materials inventory 166,000 9 166,000 >> 14,000 14,000