Prepare the journal entries for the following transactions: 1. Requisitioned $100,000 of direct materials and $10,000...

  

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Prepare the journal entries for the following transactions: 1. Requisitioned $100,000 of direct materials and $10,000 of indirect materials in production 2. Incurred $50,000 of labor costs, 85% of which was direct labor and $15% of which was indirect labor costs. 3. Allocated manufacturing overhead to jobs using an allocation rate of 60% of direct labor costs. Prepare the journal entries for the following transactions: 1. Requisitioned $100,000 of direct materials and $10,000 of indirect materials in production 2. Incurred $50,000 of labor costs, 85% of which was direct labor and $15% of which was indirect labor costs. 3. Allocated manufacturing overhead to jobs using an allocation rate of 60% of direct labor costs.