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The Food Corporation is a manufacturing firm that uses job-order costing. The Company's beginning inventory balances were as follows at the beginning of the year:
The Food Corporation is a manufacturing firm that uses job-order costing. The Company's | ||||||
beginning inventory balances were as follows at the beginning of the year: | ||||||
Raw Materials | $ 34,000 | |||||
Work in Process | $ 47,000 | |||||
The company applies overhead to jobs using an applied overhead rate based on machine-hours. | ||||||
At the beginning of the year, the company estimated that it would work 38,000 machine-hours | ||||||
and incur $209,000 in manufacturing overhead cost. Record the following transactions in a journal entry: |
Raw materials were purchased on account, $385,000. |
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