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The chart of accounts used by Quick Copy Company is listed below. You are to indicate the proper accounts to be debited and credited for the following transactions by writing the account number(s) in the appropriate columns.
Work In Process
Inventory that includes goods that are in the production process but are not yet completed.
Factory Overhead
All indirect costs associated with manufacturing, including utilities, rent, and salaries for managers.
Direct Materials
Basic substances that can be directly linked and attributed to the creation of particular products or services.
Direct Labor
The work of factory employees that can be directly associated with converting raw materials into finished goods.
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