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Problem 1: During the month, EKM Enterprise purchased $100,000 in raw material on account, used $150,000 in direct labor hours, and used $100,000 in direct
Problem 1: During the month, EKM Enterprise purchased $100,000 in raw material on account, used $150,000 in direct labor hours, and used $100,000 in direct raw materials. EKM Enterprise applies overhead at a rate of 200% of direct labor. No products were finished during the period. Prepare the necessary journal entries including the purchase of raw materials.
General journal | debit | credit |
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