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Southern Methodist University Operations And Supply Chain Management Assignment Help - general journal entry

Question - Job order costing system Custom Products, which uses a job order cost system, completed the following transactions during the current month. (a) Materials costing $65,000 were used on various jobs (b) Time cards of direct workers indicate direct labor costs of $100,000 for the month (c) Overhead is applied to jobs at a rate of 80% of direct labor cost (d) Jobs with total accumulated costs of $150,000 were finished during the month (e) Units costing $175,000 were sold during the month at sales prices totaling $350,000. All sales were on account (accounts receivable). Custom Products uses a perpetual inventory system. In the space provided, prepare a general journal entry summarizing for the month each of the above categories of tr ...Read More

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