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Norton Industries purchased direct materials costing $900,000 during the current period. It actually used only $825,000 of direct materials on jobs during the period. Prepare
Norton Industries purchased direct materials costing $900,000 during the current period. It actually used only $825,000 of direct materials on jobs during the period.
Prepare the summary journal entry to record:
a. Direct materials purchased during the period. Assume that all purchases are made on account. b. All direct materials used during the period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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