Question: Using a job order costing system, prepare journal entries to record the following transactions and events for Neb Company. (a) Incurred and paid factory labor

Using a job order costing system, prepare journal entries to record the following transactions and events for Neb Company.

(a) Incurred and paid factory labor costs of $220,000 cash; allocated the factory labor costs to production (80% direct and 20% indirect). (b) Finished and transferred jobs totaling $86,500. (c) Jobs costing $58,800 were sold on credit for $113,000.

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