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Paulson Enterprises uses a job costing system

Paulson Enterprises uses a job costing system. Record the following transactions in Paulson Enterprises's general journal for the current month:

a) Purchased raw materials on account, $75,000.

b) Requisitioned $44,500 of direct materials and $7,000 of indirect materials for use in production.

c) Factory payroll incurred, $90,000; 80% direct labor, 20% indirect labor.

d) Recorded depreciation expense factory equipment $12,000, and other manufacturing overhead of $42,100 (credit accounts payable).

e) Allocated manufacturing overhead costs based on 120% of direct labor cost.

f) Cost of completed production for the current month, $142,000.

g) Cost of finished goods sold, $115,000; selling price, $175,000 (all sales on account).

Dec 11 2019 View more View Less

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