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Problem - During August, Leming Inc. worked on two jobs. Data relating to these two jobs follow: Overhead is assigned on the basis of direct labor hours at a rate of $11. During August, Job 64 was completed and transferred to Finished Goods. Job 65 was the only unfinished job at the end of the month.
Required - Prepare the journal entries reflecting the completion and sale on account of Job 64. The selling price is 175% of cost.
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