2:0 During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The direct materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would include a: a. None of the given answer is correct O b. debit to Raw Materials of OMR 85,000 O c. debit to Work in Process of OMR 85,000 С. O d. debit to Manufacturing Overhead of OMR 78,000 O e. debit to Work in Process of OMR 78,000

2:0 During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The direct materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would include a: a. None of the given answer is correct O b. debit to Raw Materials of OMR 85,000 O c. debit to Work in Process of OMR 85,000 С. O d. debit to Manufacturing Overhead of OMR 78,000 O e. debit to Work in Process of OMR 78,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Journal entries
5.Balmond Manufacturing Company uses the FIFO method of accounting for Raw Materials. Determine the amount charged to work in process for the quarter using the following information * 6.What is the balance of the Raw Materials accounts at the end of the quarter? *
Kk189.
1. 2. 3. 4. 5. 6. Purchased $4,000 of raw materials on account. Accrued $2,000 of factory labor. Incurred and paid $3,000 of manufacturing overhead. Requisitioned direct materials for mixing, $10,000 and finishing, $15,000. Used factory labor for mixing, $60,000 and finishing, $15,000. Assigned $1,500 of overhead to mixing and $1,000 to finishing. Debit Raw Materials Inventory Factory Labor Manufacturing Overhead Y V V > V Credit Accounts Payable Factory Wages Payable Cash
The journal entry to record the transfer of 1,260 units of part number 1177 with a value of $1.80 each, to work in process is a. Materials 2,268 Work in Process 2,268 b. Work in Process 2,268 Cash 2,268 c. Work in Process 2,268 Factory Overhead 2,268 d. Work in Process 2,268 Materials 2,268
don't give answer in image format
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…
Company XYZ has raw materials at the beginning of August of OMR400,000. During August, the company purchased additional raw materials of OMR30,000. During August also, the company used OMR300,000 raw materials; OMR150,000 directly on the production process and OMR150,000 related to maintenance of administrative cars. How much balance in the raw 0.8 ?materials by the end of August اخترأحد الخيارات a. None of the given answers b. OMR250,000 C. OMR130,000 O d. OMR430,000 e. OMR280,000 O Clear my choice
During July 20X1, Kali Co. purchased and issued the following materials and supplies. Purchases Issues from Storeroom Materials $ 62,000 Direct materials $ 52,000 Manufacturing supplies 4,200 Manufacturing supplies 3,700 Required: Give the entry in general journal form to record the cost of the materials purchase
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…