Assume your company purchased on account $800 of raw materials (direct materials) in January. In February, you used $600 of those raw materials in your factory. Which of the following entries should be made in February to record the materials used in your factory? Debit: Work in Process Inventory $600, credit: Raw Materials Inventory $600. Debit: Factory Overhead $600, credit: Raw Materials Inventory $600. Debit: Raw Materials Inventory $600, credit: Work in Process Inventory $600. Debit: Work in Process Inventory $600, credit: Factory Overhead $600. Debit: Accounts Payable $600, credit: Raw Materials Inventory $600. Debit: Raw Materials Inventory $600, credit: Accounts Payable $600.
Assume your company purchased on account $800 of raw materials (direct materials) in January. In February, you used $600 of those raw materials in your factory. Which of the following entries should be made in February to record the materials used in your factory? Debit: Work in Process Inventory $600, credit: Raw Materials Inventory $600. Debit: Factory Overhead $600, credit: Raw Materials Inventory $600. Debit: Raw Materials Inventory $600, credit: Work in Process Inventory $600. Debit: Work in Process Inventory $600, credit: Factory Overhead $600. Debit: Accounts Payable $600, credit: Raw Materials Inventory $600. Debit: Raw Materials Inventory $600, credit: Accounts Payable $600.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume your company purchased on account $800 of raw materials (direct materials) in January. In February, you used $600 of those raw materials in your factory. Which of the following entries should be made in February to record the materials used in your factory?
Debit: Work in Process Inventory $600, credit: Raw Materials Inventory $600.
Debit: Factory
Debit: Raw Materials Inventory $600, credit: Work in Process Inventory $600.
Debit: Work in Process Inventory $600, credit: Factory Overhead $600.
Debit: Accounts Payable $600, credit: Raw Materials Inventory $600.
Debit: Raw Materials Inventory $600, credit: Accounts Payable $600.
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