prepare the proper journal entries-including a date and notes showing any calculations-to record the following
The decision was made to use a process costing system. The first month of operation went fairly smoothly, and the CFO is ready to prepare her journal entries but asked for your help because she has not done this before for a manufacturing company.
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To the Chief Financial Officer:
The report given on January 31st 2018 showed that the company had been making some expenses for the benefit of regular activities facilitating to development. The spending is done in consideration to the ability of the organization to make return even after these expenses. Some of the important ones are labor, manufacturing and purchase of materials. As per the data recorded, the following can be retrieved
Labor- $100,000
Direct Material- $500,000
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