Business, 19.07.2021 21:00, michaelgold1

Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $100,000. b. Direct materials used in production, $42,000. Indirect materials used in production, $15,000. c. Paid cash for factory payroll, $50,000. Of this total, $36,000 is for direct labor and $14,000 is for indirect labor. d. Paid cash for other actual overhead costs, $8,250. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $68,175. g1. Jobs that had a cost of $68,175 were sold. g2. Sold jobs on account for $97,000.

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Prepare summary journal entries to record the following transactions for a company in its first mont...