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Any help is welcomed. Thank you. Prepare summary journal entries to record the following transactions and events a through g for a company in its
Any help is welcomed. Thank you.
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. $90, 000 Direct materials used in production. $36,500. Indirect materials used in production. $19,200. Paid cash for factory payroll. $50, 000. Of this total. $38,000 is for direct labor and $12,000 is for indirect labor. Paid cash for other actual overhead costs. $11,475. Applied overhead at the rate of 125% of direct labor cost Transferred cost of jobs completed to finished goods. $56,800. Sold jobs on account for $82,000. The jobs had a cost of $56:800
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