KL Company Uses a Job Order Costing System

question 16

Essay

KL Company uses a job order costing system.During the month of July,the following events occurred:
(a)Purchased raw materials on credit,$32,000.
(b)Raw materials requisitioned: $25,800 as direct materials and $10,500 indirect materials.
(c)Recorded the factory payroll totaling $37,700,which includes $8,200 indirect labor,to jobs and overhead.
Make the necessary journal entries to record the above transactions and events.

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Definitions:

Slope Coefficient

In linear regression, a measure of the rate of change in the dependent variable for every one unit change in an independent variable.

Average Change

The mean difference between successive measurements in a series of data points, indicative of a trend or variation over time.

Independent Variable

A variable in an experiment or study that is manipulated or changed to observe its effect on the dependent variable.

Dependent Variable

The variable in a study or experiment that is expected to change as a result of variations in the predictor variables.