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Provide the journal entry used to record each of the following transactions: Raw materials totaling $35,000 are purchased on account. Direct materials totaling $4,000 are
Provide the journal entry used to record each of the following transactions:
Raw materials totaling $35,000 are purchased on account.
Direct materials totaling $4,000 are requisitioned and placed into production.
Timesheets submitted by employees reflect direct labor costs of $1,500, to be paid the next week.
Which of the previously stated entries must also be recorded on the appropriate job cost sheet? Why?
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