Question

what is a summary journal entry for the materials requisitions?

b. Determine the annual order and carrying costs at the Penrose Manufacturing Inc. records the following use of materice a. Determine EOQ formula point E2-4 Journalizing materials requisitions during June: Materials Requisitions Indirect Materials Reg. No. 1 12. $1,800 Direct Date Use Materials 110 Material A, Job 10 $20,000 5 111 Material B, Job 11 18,000 9 112 Material B, Job 12 16,000 113 Factory supplies 18 114 Material C, Job 10 3,000 21 115 Material D, Job 10 9,000 23 116 Material D, Job 11 2,000 28 117 Factory supplies 1,300 30 118 Factory supplies 1,700 Prepare a summary journal entry for the materials requisitions.

Answer 1

A D 4 6 1 Date Journal Debit Credit 2 Jun-01 Work in Progress Inventory $20000 3 Material Inventory $20000 (To Record Direct Material Cost in Job10 & Req.No110) 5 6 Jun-05 Work in Progress Inventory $18000 7 Material Inventory $18000 (To Record Direct Material Cost in Job1l & Req.No111) 9 10 Jun-09 Work in Progress Inventory $16000 11 Material Inventory $16000 12 (To Record Direct Material Cost in Job12 & Req. No112) 8 13 14 $1800 15 Jun-12 Manufacturing overhead Material Inventory (To Record Indirect Material Cost: Req.No113) $1800 16 17 18 19 Jun-18 Work in Progress Inventory $3000 Material Inventory (To Record Direct Material Cost in Job10 & Req. No114) $3000 20 21 22 23 Jun-21 Work in Progress Inventory $9000 Material Inventory (To Record Direct Material Cost in Job10 & Req.No115) $9000 24 25 26 27 Jun-23 Work in Progress Inventory $2000 Material Inventory (To Record Direct Material Cost in Job11 & Req.No116) $2000 28 29 30 $1300 Jun-28 Manufacturing overhead Material Inventory (To Record Indirect Material Cost: Req.No117) 31 32 $1300 $1700 33 34 35 36 Jun-30 Manufacturing overhead Material Inventory (To Record Indirect Material Cost: Req. No118) $1700