Prepare summary journal entries to record the following transactions for a company in its first month of operations. raw materials purchased on account, $118,000. direct materials used in production, $46,500. indirect materials used in production, $20,800. paid cash for factory payroll, $60,000. of this total, $43,000 is for direct labor and $17,000 is for indirect labor. paid cash for other actual overhead costs, $9,375. applied overhead at the rate of 125% of direct labor cost. transferred cost of jobs completed to finished goods, $91,000. sold jobs on account for $130,000 g(2). the jobs had a cost of $91,000 g(1).