Answered: ecording Issuing of Materials…

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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Recording Issuing of Materials

Materials issued for the current month are as follows:

Requisition No.	Material	Job No.	Amount
832	Fiberglass	68	$93,666
833	Plastic	83	64,425
834	Glue	Indirect	2,764
835	Wood	89	23,697
836	Aluminium	98	40,753

a. Determine the amount of materials transferred to Work in Process and Factory Overhead for the current month.

Materials transferred to Work in Process	$fill in the blank 1
Materials transferred to Factory Overhead	$fill in the blank 2

b. Illustrate the effect on the accounts and financial statements of the materials transferred in (a).

If no account or activity is affected, select "No effect" from the drop-down list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.

	Balance Sheet
Assets	=	Liabilities	+	Stockholders' Equity
+		+		=	+
fill in the blank 8		fill in the blank 9		fill in the blank 10	fill in the blank 11	fill in the blank 12
Statement of Cash Flows		Income Statement
	fill in the blank 14			fill in the blank 16

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