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Zippy Manufacturing Co. Zippy uses backflush costing to account for its manufacturing costs. The...

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Accounting

Zippy Manufacturing Co.
Zippy uses backflush costing to account for its manufacturing costs. The
trigger points for recording inventory transactions are the purchase of mate-
rials, the completion of products, and the sale of completed products. The
following transactions occurred during the period:
a. Purchased raw materials on account, $75,000.
b. Requisitioned raw materials to production, $75,000.
c. Distributed direct labor costs, $12,500.
d. Incurred manufacturing overhead costs, $50,000.(Use Various Credits
for the credit part of the entry.)
e. Cost of products completed, $137,500.
f. Completed products sold for $200,000, on account.
Required:
Prepare the necessary journal entries to record the above transactions.
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