Multiple choice BUSINESSb. a debit to Manufacturing Overhead for P3,000.a credit to Manufacturing Overhead for P3,000.d. a debit to Work-in-Process Inventory for P75,000.C. 8. Which of the following statements about materials is false?a. Acquisitions of materials are normally charged to the Purchasesaccount.b. The use of direct materials gives rise to a debit to Work-in-ProcessInventory.C. The use of indirect materials gives rise to a debit to ManufacturingOverhead.d. The use of indirect materials gives rise to a credit to ManufacturingSupplies Inventory.9. I.J. Millora Corporation recently used P72,000 of direct materials and P3,000of indirect materials in production activities. The journal entries reflectingthese transactions would include:a debit to Raw-Material Inventory for P72,000.a.

Direct material is that which a firm used in production process and it can be directly related to…

9. I.J. Millora Corporation recently used P72,000 of direct materials and P3,000 of indirect materials in production activities. The journal entries reflecting these transactions would include: a debit to Raw-Material Inventory for P72,000. a.

9. I.J. Millora Corporation recently used P72,000 of direct materials and P3,000 of indirect materials in production activities. The journal entries reflecting these transactions would include: a debit to Raw-Material Inventory for P72,000. a.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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