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Use the framework below to record the following transaction: This week, 130 labor hours were used for Job B and 90 labor hours were used
Use the framework below to record the following transaction: This week, 130 labor hours were used for Job B and 90 labor hours were used for Job C. The company pays all employees $10 per hour. BALANCE SHEET *A* *B* *C* *D* *E* *F* STATEMENT OF CASH FLOWS INCOME STATEMENT *G* *H* *1* *j* Use the framework below to record the following transaction: The company incurred the following overhead costs: $300 of indirect of materials and $1100 of factory depreciaiton. BALANCE SHEET *A* *B* *C* *D* *E* *F* STATEMENT OF CASH FLOWS INCOME STATEMENT *1* *j* *G* *H* The following data summarizes the operations related to production: Materials purchased with cash, $1830. Materials requisitioned and labor used Labor Materials $100 $360 JobA Job B Job C $400 $1,600 $900 $200 Factory overhead costs incurred on account, $2,000. Factory overhead is applied at a rate of 50% of direct labor cost. Jobs A and B were completed Job A was sold At the end of this period... What is the balance in the Work-in-Process account? [WIP] What is the balance in the Finished Inventory account? [FI] What amount of COGS will the company report? [COGS]
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