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In the grid below, record the accumulated manufacturing costs and raw materials used. (Enter negative amou sign preceding the number e.g.-45 or parentheses e.g. (45))

In the grid below, record the accumulated manufacturing costs and raw materials used. (Enter negative amou sign preceding the number e.g.-45 or parentheses e.g. (45))

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: acounting 

During January, its first month of operations, Novak Company accumulated the following manufacturing costs: raw materials purchased $5,000 on account, factory labor $7,600, and utilities payable $2,600. In January, requisitions of raw materials for production are as follows: Job 1 $950, Job 2 $1,700, Job 3 $750, and general factory use $640. In the grid below, record the accumulated manufacturing costs and raw materials used. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Accumulated costs Direct materials used Indirect materials used Ending balance $ Raw Materials Inventory $ $ Manufacturing Costs Factory Labor Manufacturing Overhead Work in P
Transcribed Image Text:During January, its first month of operations, Novak Company accumulated the following manufacturing costs: raw materials purchased $5,000 on account, factory labor $7,600, and utilities payable $2,600. In January, requisitions of raw materials for production are as follows: Job 1 $950, Job 2 $1,700, Job 3 $750, and general factory use $640. In the grid below, record the accumulated manufacturing costs and raw materials used. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Accumulated costs Direct materials used Indirect materials used Ending balance $ Raw Materials Inventory $ $ Manufacturing Costs Factory Labor Manufacturing Overhead Work in P
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