3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper format of the entry labels and amount. T-account: Raw Materials Inventory DR CR Entry Label Entry Amount Entry Label Entry Amount ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? What were the purchases made during the month?
3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper format of the entry labels and amount. T-account: Raw Materials Inventory DR CR Entry Label Entry Amount Entry Label Entry Amount ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? What were the purchases made during the month?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900.
Entry labels available for this problem:
| Beginning inventory | Materials available for use | |
| Ending inventory | Materials used in production | |
| Cost of goods manufactured | Direct labor | Purchases |
Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month?
PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper format of the entry labels and amount.
T-account:
| Raw Materials Inventory | |||
| DR | CR | ||
| Entry Label | Entry Amount | Entry Label | Entry Amount |
| ? | ? | ? | ? |
| ? | ? | ? | ? |
| ? | ? | ? | ? |
| ? | ? | ? | ? |
What were the purchases made during the month?
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