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Prepare journal entries to record the following transactions and events for April using a job order costing system.
(a) Purchased raw materials on credit, $69,000.
(b) Raw materials requisitioned: $26,000 direct and $5,400 indirect.
(c) Factory payroll totaled $46,000, including $9,500 indirect labor.
(d) Paid other actual overhead costs totaling $14,500 cash.
(e) Applied overhead totaling $28,200.
(f) Finished and transferred jobs totaling $77,500.
(g) Jobs costing $58,800 were sold on credit for $103,000.
Luxury Home
A high-end, well-appointed residential property that offers luxurious living spaces and amenities.
Injunction
A court order requiring a party to do or to refrain from doing specific acts.
Equitable Remedy
Remedies granted by courts in situations where monetary compensation is insufficient to address the harm or violation, including injunctions or specific performance.
Limitation Period
The period of time within which legal action must be taken.
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