The Selected Data That Follow Relate to the Berger Furniture

question 39

Essay

The selected data that follow relate to the Berger Furniture Company.
$\begin{array} { l r } \text { Direct material purchased on account } & \$ 160,000 \\\text { Direct material used } & 79,000 \\\text { Direct labour } & 170,000 \\\text { Manufacturing overhead incurred } & 100,000 \\\text { Manufacturing overhead applied } & 90,000\end{array}$ During the year, products costing $310,000 were completed, and products costing $316,000 were sold for $455,000.
Required:
Prepare journal entries to record the preceding transactions and events.

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Definitions:

Business Assets

Resources owned by a business, considered valuable and necessary for its operations and growth, which can be tangible or intangible.

Eminent Domain

The power of the state to expropriate private property for public use, with compensation for the property owner.

Economic Development

The process in which an economy grows or changes and becomes more advanced, specifically in terms of economic output, innovation, and improved living standards.

Slum Areas

Highly populated urban residential areas, typically characterized by poor quality housing and sanitary conditions.