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Portside Watercraft uses a job order costing system.During one month Portside purchased $173,000 of raw materials on credit; issued materials to production of $164,000,of which $24,000 were indirect.Portside incurred a factory payroll cost of $95,000,of which $25,000 was indirect labor.Portside uses a predetermined overhead rate of 170% of direct labor cost.
-The journal entry to record the allocation of factory wages to production is:
Debtors
Individuals or entities that owe money to others.
Qualified Debtor
An individual or entity that meets specified criteria set by a lending institution to be eligible for borrowing or entering into debt agreements.
Repayment Schedule
A detailed plan outlining the timing and amounts for repaying a debt over a period.
Reorganization
In bankruptcy law, a plan created by a qualified debtor that alters his or her repayment schedule and allows the debtor to stay in business.
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