Managerial Accounting: BE2-1 Knox Company begins operations (Flowchart)

*Note: There is another version of this same question - the company name has been changed (Lang Tool & Die) though but the question remains essentially the same.

Managerial Accounting

Knox Company begins operations on January 1. Because all work is done to customer specifications, the company decides to use a job order cost system.

Prepare a flowchart of a typical job order system with arrows showing the flow of costs. Identify the eight transactions.
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