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RC Corp.uses a job order cost accounting system.During the month of April,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. Paid factory payroll for the month totaling $37,700 which includes $8,200 indirect labor.
D. Assigned the factory payroll to jobs and overhead.
Make the necessary journal entries to record the above transactions and events.
Present Value Factors
Quantitative metrics used to calculate the current worth of a future sum of money or stream of cash flows given a specific discount rate.
Present Value
The value today of a sum of money or cash flows expected in the future, calculated with a certain rate of return.
Compound Interest
Interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan.
Earnings Rate
The rate at which an individual or corporation is taxed or the speed at which an investment grows.
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