FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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September 1, purchased raw materials ($120 million direct materials, $10 million indirect materials) for $130 million cash

September 2, moved all the raw material into production.

September 22 the company records applied overhead at the rate of 80% of direct material costs

September 29, paid cash for manufacturing labor services, $220 million ($200 million direct labor and $20 million indirect labor).

September 30, actual costs of other overhead items was calculated to be $76 million.

September 30, all the goods charged into production were completed and moved to Finished Goods Inventory Account.

September 30, 95% of the completed goods were sold for cash at a markup of 15 % of the cost before adjusting for over or under applied overhead costs.

i need only journal.

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