uses a predetermined overhead rate of 150% of direct labor cost. The following information is available for the AC Corp. for the current year (19 pts): 120,000 53,620 Raw materials, Beginning year 4,200 Raw materials purchased Raw materials used in production (Includes $7,000 of indirect materials) 117,800 Goods transferred cost of goods sold 242,000 Direct Labor Indirect labor 17,400 Finished goods, Beginning year Goods transferred from Work in Process to Finished Goods 244,150 Factory insurance 10,350 Factory utilities 17,500 Rent on factory building 20,400 Depreciation of factory equipment 24,000 Prepare journal entries for the following transactions and events: 45,000 a) Purchase of raw materials on account. b) Assign materials costs to Work in Process Inventory and Factory Overhead c) Pay Factory Payroll in cash d) Assign Factory Payroll to Work in Process Inventory and Factory Overhead e) Record all of the other factory overhead costs. Assume that all items other than depreciation are paid in cash. f) Assign Factory Overhead to Work in Process Inventory g) Transfer goods completed to Finished Goods Inventory h.) Transfer finished goods to COGS 1.) Assign the over- or under-applied amount overhead to Cost of Goods Sold J.) Record the sale of $450,000 of merchandise, with a cost of $225,000