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Larned Corporation recorded the following transactions for the just completed month. a. Purchased $90,000 of raw materials on account. b. $75,000 in raw materials were
Larned Corporation recorded the following transactions for the just completed month. a. Purchased $90,000 of raw materials on account. b. $75,000 in raw materials were used in production. Of this amount, $65,000 was direct materials and the remainder was indirect materials. c. Paid employees $110,000 cash. Of this amount, $100,000 was direct labor and the remainder was indirect labor. d. Depreciation of $170,000 was incurred on factory equipment. Record the above transactions in journal entries
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