Forex Company recorded the following transactions for the just completed month.
$86,000 in raw materials were purchased on account.
$84,000 in raw materials were requisitioned for use in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials.
Total labor wages of $108,000 were incurred. Of this amount, $105,000 was for direct labor and the remainder was for indirect labor.
Additional manufacturing overhead costs of $197,000 were incurred.
FOH applied to production process @ 50% of Direct Labor Cost.
All work in process completed and transferred to Finished Goods.
Required: Record the above transactions in journal entries and prepare relevant T/Accounts.
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please I understood it but I should have time
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