PROBLEM 1 (20 points) The following information relates to the manufacturing operations of Fargo Development Co, dur- ing the month of July. The company uses job order costing. a. Purchases of direct materials during the month amount to $100,000. (All purchases were made on account.) b. Materials issued for various jobs in process during the month total $98,000. c. Time cards of direct workers show 1,800 hours worked on various jobs during the month, for a total direct labor cost of $54,000 d. Direct workers were paid $50,000 in July. e. Actual overhead costs for the month amount to $110,000 (for simplicity, you may credit Accounts Payable). f. Overhead is applied to jobs at a rate of $60 per direct labor hour. & Jobs with total accumulated costs of $222,000 were completed during the month. h. During July, units costing $180,000 were sold for $288,000. (All sales were made on account.) Instructions Prepare general journal entries to summarize each of these transactions in the company's general ledger accounts