A firm produces its products by a continuous process involving two production departments,1 and 2....
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Accounting
A firm produces its products by a continuous process involving two production departments,1 and 2. Present entries to record the following selected transactions related to production during August.
a) Materials purchased on account $230,000
b)Material requisitioned for use in department 1, 125,700 of which 124,200 entered directed into the product.
c) Labor cost incurred in department 1, $195,400 OF WHICH $174,000 was used directly in the manufacture of the product
d) factory overhead cost for department 1 incurred on account $72700
e) Deprication on machinery in department 1 $29200
f)Expiration of prepaid insurance chargeable to department 1 $7000
g) factory overhead applied to production 105300
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