Classic company manufactures insulation materials. it has, Ask an Expert

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Classic Company manufactures insulation materials. It has implemented JIT and had the following transactions.

1. Materials were purchased on account for $50,000.
2. All materials were placed into production.
3. Actual direct labor costs were $16,000.
4. Actual overhead costs were $30,000.
5. Conversion costs applied were $52,000.
6. All work was completed for the month.
7. All completed work was sold for $150,000.
8. The variance was recognized.

a. Record the journal entries for these transactions using the traditional approach.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M953398

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