When raw materials are purchased on account for use in a process costing system, the corresponding journal entry that should be recorded will include:
A debit to Work in Process Inventory.
A debit to Accounts Payable.
A credit to Cash.
A debit to Raw Materials Inventory.
A credit to Raw Materials Inventory.
YOUR ANSWER WOULD BE: A Debit to Raw Materials Inventory When u purchase them on account for use in a process costing system
When raw materials are purchased on account for use in a process costing system, the corresponding...
Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 we indirect. Minstrel incurred a factory payroll of $150,000, paid in cash, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the purchase of materials is: o Debit Raw Materials Inventory $198,000; credit Accounts Payable $198,000. o Debit...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the issuance of materials to production is: Multiple Choice Debit Raw Materials Inventory $195,000; credit Accounts Payable $195,000. Debit Work...
in a job order costing system, raw material requisitioned as direct
materials are debited to________; indirect materials are debited
to_______.
$139.000. Save Question 24 (2 points) s Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195.000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150.000, paid in cash, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the išsuance of materials to production is: Multiple Choice Debit Work in Process Inventory $195,000; credit Row Materials Inventory $195,000....
1 point When materials are requisitioned from the Raw Materials Inventory they can be classified as either direct materials (which are traced directly to the job) or indirect materials (which are items so insignificant that they are not traced directly to a job and instead are included in manufacturing overhead). What is the journal entry made when the material is classified as direct material? * O Debit Work in Process Inventory, Credit Direct Materials O Debit Direct Materials, Credit Raw...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
Mestre Manufacturing uses a job order costing System During one month Ministre purchased $198.000 of raw materials on credit sed materials to production of 195.000 of which $30,000 were Indirect. Ministre incuned a factory Dayroll of $150.000. pod in cath, of which $40,000 was indirect labor Mystre ses a predetermined overhead rate of 10% of Grech labor cost. The journal try to record the purchase of materia Debit Work in Process Inventory S195.000 credit Raw Materials inventory 5195.000 O Debit...
Crawford Corporation incurred the following
transactions.
1.
Purchased raw materials on account $49,700.
2.
Raw Materials of $41,700 were requisitioned to the factory. An
analysis of the materials requisition slips indicated that $8,100
was classified as indirect materials.
3.
Factory labor costs incurred were $61,900, of which $50,500
pertained to factory wages payable and $11,400 pertained to
employer payroll taxes payable.
4.
Time tickets indicated that $55,400 was direct labor and $6,500
was indirect labor.
5.
Manufacturing overhead costs incurred...
a. Purchased raw materials on credit. $240,000 b. Materials requisitions record use of the following materials for the month Job 136 Job 137 Job 138 Job 139 Job 140 Total direct Baterials Indirect materials Total materials used $ 49,500 33,500 19,400 22,800 7,200 132,400 20,000 $152,400 c. Paid $15.750 cash to a computer consultant to reprogram factory equipment d. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,500. 2. Raw Materials of $43,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,600 was classified as indirect materials. 3. Factory labor costs incurred were $65,600, of which $50,000 pertained to factory wages payable and $15,600 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,400 was direct labor and $10,200 was indirect labor. 5. Manufacturing overhead costs incurred...