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Prepare summary journal entries to record the following transactions for a company in its first month of operations. a-g a. Raw materials purchased on account
Prepare summary journal entries to record the following transactions for a company in its first month of operations.
a-g
a. Raw materials purchased on account $ 84,000 . b. Direct materials used in production , $38,000. Indirect materials used in production, $13,500 . c. Pald cash for factory payroll 45,000. Of this total$ 31,000 is for direct labor and $14,000 is for indirect labor . d. Paid cash for other actual overhead costs , $7,250. e. Applied overhead at the rate of 120 % of direct labor cost. f. Transferred cost of jobs completed to finished goods, $58,500 . Sold jobs on account for $84,000. The jobs had a cost of $58,500.
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