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Larned Corporation recorded the following transactions for the just completed month. Purchased $84,000 of raw materials on account. $82,000 in raw materials were used in
Larned Corporation recorded the following transactions for the just completed month. Purchased $84,000 of raw materials on account. $82,000 in raw materials were used in production. Of this amount, $70,000 was direct materials and the remainder was indirect materials. Paid employees $112,500 cash. Of this amount, $104,200 was direct labor and the remainder was indirect labor. Depreciation of $195,000 was incurred on factory equipment
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