Answered: All raw materials purchases are made on…

All raw materials purchases are made on credit. Prepare journal entries to record the: 1. Purchase of raw materials. 2. Direct materials used. 3. Indirect materials used.

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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Question

A manufacturer's Raw Materials Inventory account appears as follows:
Beginning
Purchases
Debit
2. Direct materials used.
3. Indirect materials used.
View transaction list
Ending
All raw materials purchases are made on credit. Prepare journal entries to record the:
1. Purchase of raw materials.
1
Raw Materials Inventory
25,700
100,700
Journal entry worksheet
2 3
27,900
Credit
82,800 Direct materials used
15,700 Indirect materials used
Record the purchase of raw materials on credit.

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1
Please help me with all answers thanku