Larned Corporation recorded the following transactions for the just completed month. $74,000 in raw materials were purchased on account. $72,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $122,000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. Depreciation of $195,000 was incurred on factory equipment.

Required:

Record the above transactions in journal entries.

1) u. s. real gdp is substantially higher today than it was 60 years ago. what does this tell us, and what does it not tell us, about the well-being of u. s. residents? what are the limitations of the gdp as a measure of economic well-being? given the limitations, why is gdp usually regarded as the best single measure of a society’s economic well-being? 2) what is an intermediate good? how does an intermediate good differ from a final good? explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of gdp, but the value of intermediate goods produced and not sold is included directly as part of gdp.