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Ch 15 Homework Saved Help Save & E Che 3 50 points Prepare summary Journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $108,000, b. Direct materials used in production, $44,000. Indirect materials used in production, $19,800. c. Paid cash for factory payroll, $70,000. Of this total, $46,000 is for direct labor and $24,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,750, e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $86,000 91. Jobs that had a cost of $86,000 were sold 92. Sold jobs on account for $123,000. Book References View transaction list View journal entry worksheet No Transaction General Journal Credit Debit 108,000 1 Raw materials inventory Accounts payable 108,000 2 b(1) Work in process inventory Raw materials inventory Mc Graw HHI there to search EX: 1 Record raw materials purchased on account. 2 Record the entry to assign costs of direct materials used. 3 Record the entry for indirect materials. 4 Record the usage of direct and indirect labor, paid in cash. 5 Record other actual overhead costs, paid in cash. 6 Record the entry to apply overhead at a rate of 120% of direct labor cost. 7 Record costs of jobs completed. Note : journal entry has been entered