Journal Entries and Cost Flows-FIFO: Refer to the information in problem 8-30. Assume (1) the goods are
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Journal Entries and Cost Flows-FIFO: Refer to the information in problem 8-30. Assume (1) the goods are transferred out to WIP Finishing, and they were transferred into Assembly from WIP-Molding: (2) materials used this period are credited to direct materials inventory; and (3) conver- sion costs for the current period are credited to "Various Payables."
Required: Prepare journal entries and show the flow of costs through T-accounts for all costs flowing through WIP-Assembly.
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