User Panoramic Inc. is a manufacturer of digital cameras. It has two departments: assembly and...
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User Panoramic Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2020 , the company incurred 740,000 on direct materials and 785,000 on conversion costs, for a total manufacturing cost of 1,525,000 . During February 5,000 cameras are placed into production, but only 3,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 2,000 cameras. However, on average, these remaining 2,000 cameras are only 50 % complete as to conversion costs. Prepare summary journal entries with the following accounts. Work in process assembly, Work in process testing, various accounts, accounts payable
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