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Kapoor Company uses job-order costing

Accounting

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Kapoor Company uses job-order costing. During January, the following data were reported:

1. Materials purchased on account: direct materials, $98,500; indirect materials, $14,800.
2. Materials issued: direct materials, $82,500; indirect materials, $8,800.
3. Labor cost incurred: direct labor, $67,000; indirect labor, $18,750.
4. Other manufacturing costs incurred (all payables), $46,200.
5. Overhead is applied on the basis of 110 percent of direct labor cost.
6. Work finished and transferred to Finished Goods Inventory cost $230,000.
7. Finished goods costing $215,000 were sold on account for 140 percent of cost.
8. Any over- or underapplied overhead is closed to Cost of Goods Sold.

Required: Prepare journal entries to record these transactions.