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The Noveko Company uses a job-order costing system. The following data relate to Mars. a) $240,000 in raw materials were purchased on account. b) $200,000
The Noveko Company uses a job-order costing system. The following data relate to Mars. a) $240,000 in raw materials were purchased on account. b) $200,000 in raw materials were requisitioned for use in production. Of this amount, $160,000 was for direct materials and the remainder was for indirect materials. c) Total labor cost incurred, $150,000. Of this amount, $110,000 was for direct labor and the remainder was for indirect labor. d) Other manufacturing overhead costs incurred during Mars, $148,000. e) Depreciation recorded on factory equipment, $30,000 f) Manufacturing overhead costs of 262,000 were applied to jobs using the company's predetermined overhead rate. g) Production orders that had cost of $200,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 20% above cost. Required: Post the above transactions to T-accounts
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