Present journal entries to record
Present journal entries to record the following selected transactions of Masterson Corporation:Purchased 600 shares of the 100,00 shares outstanding $10 par common shares of Dankin Corporation for $5,100.
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Company has provided the following data for the month of Feb. There were no beginning inventories; the direct materials, direct labor, and MOH applied listed are for current month.
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Beginning work in process inventory: 2000 tires, 100% complete for direct materials, 60% complete for coversion costs, cost of direct materials=$12,000, cost of direct labor and manufacturing overhead allocated=$10,000
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