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On November 1, Arvelo Corporation had $39,000 of raw materials on hand, During the month, the company purchased an additional $71,000 of raw materials. During November, $81,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,400. Prepare journal entries to record these events. Use tho journal entries to answer the following questions: The credits to the Raw Materials account for the month of November total: Multiple Choice $81,000 $71,000 $39,000 $110,000

On November 1, Arvelo Corporation had $39,000 of raw materials on hand, During the month, the company purchased an additional $71,000 of raw materials. During November, $81,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,400. Prepare journal entries to record these events. Use tho journal entries to answer the following questions: The credits to the Raw Materials account for the month of November total: Multiple Choice $81,000 $71,000 $39,000 $110,000

FINANCIAL ACCOUNTING
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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On November 1, Arvelo Corporation had $39,000 of raw materials on hand, During the month, the company purchased an additional $71,000 of raw materials. During November, $81,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,400. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Raw Materials account for the month of November total: Multiple Choice $81,000 $71,000 $39,000 $110,000
Transcribed Image Text:On November 1, Arvelo Corporation had $39,000 of raw materials on hand, During the month, the company purchased an additional $71,000 of raw materials. During November, $81,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,400. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Raw Materials account for the month of November total: Multiple Choice $81,000 $71,000 $39,000 $110,000
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