The selected data that follow relate to the Underwood Furniture Company.

Direct material purchased on account

$160,000

Direct material used

79,000

Direct labor

170,000

Manufacturing overhead incurred

100,000

Manufacturing overhead applied

90,000

During the year, products costing $310,000 were completed, and products costing $316,000 were sold on account for $455,000. Prepare journal entries to record the preceding transactions and events.