You are to maintain records and produce measures of inventories to reflect the July events of this company. The June 30 balances: Raw Materials Inventory, $35,000; Work in Process Inventory, $10,065 ($3,460 of direct materials and $6,605 of conversion); Finished Goods Inventory, $160,000; Sales, $0; Cost of Goods Sold, $0; Factory Wages Payable, $0; and Factory Overhead, $0. 1. Prepare journal entries to record the following July transactions and events. a. Purchased raw materials for $195,000 cash (the company uses a perpetual inventory system). b. Used raw materials as follows: direct materials, $61,340; and indirect materials, $18,000. c. Recorded factory wages payable costs as follows: direct labor, $222,250; and indirect labor, $33,000. d. Paid factory payroll cost of $255,250 with cash (ignore taxes), e. Incurred additional factory overhead costs of $96,000 paid in cash. f. Applied factory overhead to production at 50% of direct labor costs. 2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted-average method is used. (Round "Cost per EUP" to 2 decimal places.) 11,000 units 13,000 units 7,000 units Units Beginning inventory Started Ending inventory Beginning inventory Materials-Percent complete Conversion-Percent complete Ending inventory Materials-Percent complete Conversion-Percent complete 100% 70% 100% 304