Prepare summary journal entries to record the following transactions and events a through g for a company in its first month of operations. Raw materials purchased on account, $108,000 Direct materials used in production, $4,000. Indirect materials used in production, $19.800. Paid cash for factory payroll, $70,000 of this total. $46,000 is for direct labor and $24,000 is for indirect labor Paid cash for other actual overhead costs, $8.750. Applied overhead at the rate of 120% direct labor cost. Transferred cost of jobs completed to finished goods, $86,000.