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Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. raw materials purchased on account, $90,000.b. direct materials used in production, $36,500. indirect materials used in production, $19,200.c. paid cash for factory payroll, $50,000. of this total, $38,000 is for direct labor and $12,000 is for indirect labor. d. paid cash for other actual overhead costs, $11,475.e. applied overhead at the rate of 125% of direct labor cost. f. transferred cost of jobs completed to finished goods, $56,800.g. sold jobs on account for $82,000. the jobs had a cost of $56,800.
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Prepare summary journal entries to record the following transactions for a company in its first mont...
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