Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials Purchases of raw materials Raw materials issued Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 $ 11,800 110,000 1. Direct Materials 2. Indirect Materials 3. Ending Balance 50,000 For Job 101 34,500 For Job 102 14,000 Used on multiple jobs Required: 1. How much of the raw materials cost would be added to the Work in Process Inventory account during the period? 2. How much of the raw materials costs would be added to the Manufacturing Overhead account? 3. Compute the ending balance in the Raw Materials Inventory account.

Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials Purchases of raw materials Raw materials issued Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 $ 11,800 110,000 1. Direct Materials 2. Indirect Materials 3. Ending Balance 50,000 For Job 101 34,500 For Job 102 14,000 Used on multiple jobs Required: 1. How much of the raw materials cost would be added to the Work in Process Inventory account during the period? 2. How much of the raw materials costs would be added to the Manufacturing Overhead account? 3. Compute the ending balance in the Raw Materials Inventory account.

Name: Fairfield Company's raw materials inventory transactions for the most
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Description: Fairfield Company's raw materials inventory transactions for the most recent month are summarized here:Beginning raw materialsPurchases of raw materialsRaw materials issuedMaterials requisition 1445Materials requisition 1446Materials requisition 144

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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