Transcribed image text: Homework,...Prepare journal entries for the following Purchased $320,000 of materials. o Used $275,000 of direct materials in production. o Incurred $236,250 of direct labor wages. O Applied factory overhead at a rate of 80% of direct labor cost. ($236,250 X .80) = $189,000 o Transferred $670,000 of work in process to finished goods. O Sold goods with a cost of $635,000. o Sold goods for $1,125,000. o Incurred $275,000 of selling expenses. O Incurred $100,000 of administrative expenses