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Exercise 19-18: Recording transactions in job order costing Finish on your OWN Prepare journal entries to record transactions a through h and post to T-Accounts.
Exercise 19-18: Recording transactions in job order costing | |||||
Finish on your OWN | |||||
Prepare journal entries to record transactions a through h and post to T-Accounts. | |||||
a. Raw materials purchased on credit, $90,000. | |||||
b. Direct materials used, $36,500. Indirect materials used, $19,200. | |||||
c. Direct labor used, $38,000. Indirect labor used, $12,000. (Record using Factory Wages Payable.) | |||||
d. Paid cash for other actual overhead costs, $11,475. | |||||
e. Applied overhead at the rate of 125% of direct labor cost. | |||||
f. Transferred cost of jobs completed to finished goods, $56,800. | |||||
g. Sales of jobs on credit was $72,000. | |||||
h. Cost of jobs sold was $48,500 |
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