Prepare summary journal entries to record the following transactions and events a through h for a company in its first month of operations.

a. Raw materials purchased on account, $90,000.
b. Direct materials used in production, $39,500. Indirect materials used in production, $18,000.
c. Paid cash for factory payroll, $60,000. Of this total, $40,000 is for direct labor and $20,000 is for indirect labor.

d. Paid cash for other actual overhead costs, $7,625.
e. Applied overhead at the rate of 125 percent of direct labor cost.
f. Transferred cost of jobs completed to finished goods, $65,000.
g. Sold jobs on account for $92,800. The jobs had a cost of $65,000.
h. Close underapplied or overapplied overhead to cost of goods sold.

Exercise 4-9presented below is information related to martinez corp. for the year 2017.net sales $1,399,500 write-off of inventory due to obsolescence $80,440cost of goods sold 788,200 depreciation expense omitted by accident in 2016 43,600selling expenses 65,800 casualty loss 53,900administrative expenses 53,500 cash dividends declared 43,300dividend revenue 22,100 retained earnings at december 31, 2016 1,042,400interest revenue 7,420 effective tax rate of 34% on all items exercise 4-9 presented below is information relateexercise 4-9 presented below is information relate prepare a multiple-step income statement for 2017. assume that 61,500 shares of common stock are outstanding. (round earnings per share to 2 decimal places, e. g. 1.49.)prepare a separate retained earnings statement for 2017. (list items that increase retained earnings first.)