The selected data that follow relate to the C&R Ice Company. Direct material purchased on account $150,000 Direct material used 69,000 Direct Labor 160,000 Manufacturing overhead incurred 90,000 Manufacturing overhead applied 80,000 During the year, products costing $300,000 were completed, and products costing $306,000 were sold on account for $445,000. Required: Prepare journal entries to record the preceding transactions and events.