1.Raw material purchased for cash
No | journal | debit | credit |
1 | Raw material inventory account | 171000 | |
To cash account | 171000 | ||
(Journal entry to record raw material purchased) |
2. Direct material usage
No | Journal | Debit | Credit |
2 | work in process inventory | 149000 | |
To Raw materials inventory | 149000 | ||
(journal entry to record direct material used) |
3.Indirect materials usage
No | Journal | Debit | Credit |
3 | Factory overhead account | 12000 | |
To Raw material inventory | 12000 | ||
(Journal entry to record indirect material) |
Working note
Direct material usage=Raw material at beginning+Raw material purchased-Raw material at end-Indirect material used.
=32000+171000-42000-12000
=149000
The following information applies to the questions displayed below.) The following information is available for Lock-Tite...
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