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Reference: 03-06
The Milo Company's records for May contained the following information: The company uses a predetermined overhead rate of $5.00 per direct labour hour to apply manufacturing overhead to jobs.
-The cost of raw materials purchased during the year amounted to:
Inventory
Raw materials, work-in-process products, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.
Sales Journal
A dedicated financial ledger designed for documenting all credit sales transactions.
Posting
The act of recording financial transactions in the ledger of an accounting system.
Account Numbers
are unique identifiers assigned to specific accounts in an accounting system to track financial transactions.
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