Homework Answers
Ans- Debited raw material for $92000
When you initially purchase materials for use, you record the purchase in the accounting records at cost. This entry consists of a debit to raw materials inventory and a credit to accounts payable or cash. The entry increases the total inventory account.
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Gullett Corporation had $43,000 of raw materials on hand on November 1. During the month, the...
On November 1. Arvelo Corporation had $32,000 of raw materials on hand. During the month the...
On November 1. Arvelo Corporation had $32,000 of raw materials on hand. During the month the company purchased an additional $78.000 of raw materials. During November $95.000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3.000. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Work in Process account as a consequence...
On January 1, Schaf Corporation had $23,000 of raw materials on hand. During the month, the company purchased an ad...
On January 1, Schaf Corporation had $23,000 of raw materials on hand. During the month, the company purchased an additional $$54,000 of raw materials. During January. $50.000 of rew materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the purchase of raw materials would include a: Mutiple Choice credit to Raw Materials of $54,000 debit to Rew Materials of $54,000...
12. Soledad Corporation had $22,600 of raw materials on hand on December 1. During the month,...
12. Soledad Corporation had $22,600 of raw materials on hand on December 1. During the month, the Corporation purchased an additional $82,200 of raw materials. The journal entry to record the purchase of raw materials would include a:
On November 1, Arvelo Corporation had $35,000 of raw materials on hand. During the month, the...
On November 1, Arvelo Corporation had $35,000 of raw materials on hand. During the month, the company purchased an additional $75,000 of raw materials. During November, $89,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,600. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Raw Materials account for the month of...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month,...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a A. debit to Raw Materials of $101.000 B. credit to Raw Materials of $75,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $101.000 115. In October, Raddatz Inc. incurred $73,000 of direct labor costs and S6,000 of...
During the current month, a company that uses job order costing purchases $92,000 in raw materials...
During the current month, a company that uses job order costing purchases $92,000 in raw materials for cash. It then uses $25,000 of raw materials indirectly as factory supplies and uses $55,300 of raw materials as direct materials. Prepare journal entries to record these three transactions View transaction list Journal entry worksheet Record the raw materials purchase for $92,000, paid in cash. Note: Enter debits before credits Transaction General Journal Debit Credit Saved During the current month, a company that...
During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw...
During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw materials inventory. A total of $70,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $10,000 of indirect materials, Required: Prepare journal entries to record the purchase of materials and their use in production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal...
Pl show the calculations. On August 1, Shead Corporation had $33,700 of raw materials on hand....
Pl show the calculations. On August 1, Shead Corporation had $33,700 of raw materials on hand. During the month, the company purchased an additional $75,800 of raw materials. During August, $79,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Raw Materials account...
During June, Briganti Corporation purchased $88,000 of raw materials on credit to add to its raw...
During June, Briganti Corporation purchased $88,000 of raw
materials on credit to add to its raw materials inventory. A total
of $73,000 of raw materials was requisitioned from the storeroom
for use in production. These requisitioned raw materials included
$13,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and
their use in production. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Journal entry worksheet 2...
In a job-order costing system, indirect labor cost is usually recorded as a debit to: Multiple...
In a job-order costing system, indirect labor cost is usually recorded as a debit to: Multiple Choice Cost of Goods Sold. Manufacturing Overhead. ООО Work in Process. Finished Goods. On December 1, Mogro Corporation had $26,000 of raw materials on hand. During the month, the Corporation purchased an additional $60,000 of raw materials. During December, $62,000 of raw materials were requisitioned from the storeroom for use in production. The debits entered in the Raw Materials account during the month of...
On November 1. Arvelo Corporation had $32,000 of raw materials on hand. During the month the company purchased an additional $78.000 of raw materials. During November $95.000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3.000. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Work in Process account as a consequence...
On January 1, Schaf Corporation had $23,000 of raw materials on hand. During the month, the company purchased an additional $$54,000 of raw materials. During January. $50.000 of rew materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the purchase of raw materials would include a: Mutiple Choice credit to Raw Materials of $54,000 debit to Rew Materials of $54,000...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a A. debit to Raw Materials of $101.000 B. credit to Raw Materials of $75,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $101.000 115. In October, Raddatz Inc. incurred $73,000 of direct labor costs and S6,000 of...
During the current month, a company that uses job order costing purchases $92,000 in raw materials for cash. It then uses $25,000 of raw materials indirectly as factory supplies and uses $55,300 of raw materials as direct materials. Prepare journal entries to record these three transactions View transaction list Journal entry worksheet Record the raw materials purchase for $92,000, paid in cash. Note: Enter debits before credits Transaction General Journal Debit Credit Saved During the current month, a company that...
During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw materials inventory. A total of $70,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $10,000 of indirect materials, Required: Prepare journal entries to record the purchase of materials and their use in production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal...
During June, Briganti Corporation purchased $88,000 of raw
materials on credit to add to its raw materials inventory. A total
of $73,000 of raw materials was requisitioned from the storeroom
for use in production. These requisitioned raw materials included
$13,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and
their use in production. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Journal entry worksheet 2...
In a job-order costing system, indirect labor cost is usually recorded as a debit to: Multiple Choice Cost of Goods Sold. Manufacturing Overhead. ООО Work in Process. Finished Goods. On December 1, Mogro Corporation had $26,000 of raw materials on hand. During the month, the Corporation purchased an additional $60,000 of raw materials. During December, $62,000 of raw materials were requisitioned from the storeroom for use in production. The debits entered in the Raw Materials account during the month of...
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