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Asap please 1. Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following
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1. Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. Purchased raw materials for $20,000 on account. June 1 Raw materials requisitioned by production: Direct materials Indirect materials $8,000 1,000 Paid factory utilities, $2,100 and repairs for factory equipment, $8,000. 15 Incurred $96,000 of factory labor. Time tickets indicated the following: Direct Labor Indirect Labor (3,000 hrs x $8 per hr) $72,000 24,000 $96,000 (6,000 hrs $12 per hr) Applied manufacturing overhead to production based on a predetermined 25 overhead rate of $7 per direct labor hour worked. Goods costing $18,000 were completed in the factory and were transferred to finished goods. 28 Goods costing $15,000 were sold for $20,000 on account 30 Step by Step Solution
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