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.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...
Related questions
Question
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub