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Unformatted text preview: and the overhead based on predetermined overhead rates based on direct labor dollars. The journal entries to record these transactions are made prior to the period end entries that transfer the amounts from one work-in-process inventory account to another, from work-in-process inventory to finished goods inventory, and from finished goods inventory to cost of goods sold. The letters of the journal entries used to illustrate the accounting for process cost systems correspond to the letters in Figure 1 ....
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- Spring '09