Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $22,500 of raw materials

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Use lean accounting to prepare journal entries for the following transactions.

1. Purchased $22,500 of raw materials on credit.

2. Applied conversion costs of $67,500.

3. Incurred actual conversion costs of $67,500. Hint: Credit “Various Accounts.”

4. Sold $120,000 of goods on credit.

5. Recorded cost of goods sold of $90,000.

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Fundamental Accounting Principles

ISBN: 978-1259916960

24th edition

Authors: John J Wild, Ken Shaw

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Question Posted: Jul 12, 2019 10:16 AM

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Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $22,500 of raw materials

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1 Work in Process Inventory 22500 Accounts Payable 22500 Purchased materials on cr...View the full answer

Fundamental Accounting Principles

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