A firmproduces its products by a continuous process involving threeproduction de

A firmproduces its products by a continuous process involving threeproduction departments 1 through 3. Present entries torecord the following selected transactions related to productionduring August:(a)Materials purchased on account$130000.(b)Material requisitioned for use inDepartment 1 $125700 of which $124200 entered directly into theproduct.(c)Labor cost incurred in Department1 $195400 of which $174000 was used directly in the manufactureof the product.(d)Factory overhead costs forDepartment 1 incurred on account $52700.(e)Depreciation on machinery inDepartment 1 $29200.(f)Expiration of prepaid insurancechargeable to Department 1 $7000.(g)Factory overhead applied toproduction $105300.(h)Output of Department 1 transferredto Department 2 $362700.