Given the following information for Moore Corporation,prepare the necessary journal entries,assuming that the Raw Material Inventory account contains both direct and indirect material.
Definitions:
Sales Tax
A tax imposed by a government on the sale of goods and services, usually calculated as a percentage of the retail price.
Ordinary Repair
Expenditures to maintain the operating efficiency and expected productive life of an asset, treated as an expense.
Capitalization
The total value of all a company's outstanding shares of stock, calculated by multiplying the share price by the total number of shares.
Net Income
The total profit of a company after all expenses and taxes have been deducted from revenues.
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