Recording the Purchase and Issue of Raw Materials
Kelly Company’s raw materials inventory transactions for the most recent month are summarized here.
Beginning raw materials | $ 10,000 |
|
Purchases of raw materials | 100,000 |
|
Raw materials issued |
|
|
Materials requisition 1445 | 50,000 | For Job 101 |
Materials requisition 1446 | 40,000 | For Job 102 |
Materials requisition 1447 | 15,000 | Used on multiple jobs |
1. How much of the raw materials cost would be added to the Work in Process Inventory account during the period?
2. How much of the raw materials costs would be added to the Manufacturing Overhead account?
3. Compute the ending balance in the Raw Materials Inventory account.
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