Larned Corporation recorded the following transactions for the just completed month. $83,000 in raw materials were purchased
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Question:
Larned Corporation recorded the following transactions for the just completed month.
- $83,000 in raw materials were purchased on account.
- $81,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials.
- Total labor wages of $123,500 were paid in cash. Of this amount, $104,500 was for direct labor and the remainder was for indirect labor.
- Depreciation of $199,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the firs account field.)
Related Book For
Managerial Accounting
ISBN: 978-0077522940
15th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
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