Problem 1(A)(8 points ) Journalize the following entries for Wiley Company. (1) Purchased raw materials for $73,500 on account. (2) Raw materiats requisitioned for production in a process costing system were: (4) Other factory overhead incurred $45,000, (credit accounts payable) (5) Factory overhead is applied to the products based on machine hours used in each department: Cutting department -400 machine hours at $30 per machine hour Assembly department -500 machine hours at $20 per machine hour. (6) Units costing $56,000 were completed in the Cutting Department and were transferred to the Assembly Department. (7) Units costing $75,000 were completed in the Assembly Department and were transferred to finished goods: (8) Finished goods costing $45,000 were sold on account for $60,000