Solve Question:Compute the amount of raw materials used during August if $26,000 of raw materialswere purchased during the month and the inventories were as follows:InventoriesRaw materialsBalance August 1 Balance August 31$1,600$2,100Work in process $8,000$12,000Finished goods $32,000$16,000

Explanation of Raw Materials Inventory:Raw materials inventory refers to the stock of basic…

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Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 5E: Recording materials transactions Prepare a journal entry to record each of the following materials...

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Recording materials transactions Prepare a journal entry to record each of the following materials transactions: a. Total materials purchased on account during the month amounted to 200,000. b. Direct materials requisitioned for the month totaled 175,000. c. Indirect materials requisitioned during the month totaled 12,000. d. Direct materials returned to the storeroom from the factory amounted to 2,500. e. Total materials returned to vendor during the month amounted to 1,800. f. Payment during the month for materials purchased on account totaled 165,000.
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Compute the amount of raw materials used during November if $30,000 of raw materials were purchased during the month and if the inventories were as follows: Balance Balance Inventories November 1 November 30 7,000 4,000 Raw materials Work in process 6,000 7,500 10,000 12,000 Finished goods O $29,500 O $27,000 O $31,500 O $33,000 %24 %24 %24 %24 %24 %24
Question: The following costs were incurred in March: Direct materials $38,000 Direct labor $29,000 Manufacturing overhead $21,000 Selling expenses $17,000 Administrative expenses $32,000 Conversion costs during the month totalled

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Question: Compute the amount of raw materials used during August if $26,000 of raw materials were purchased during the month and the inventories were as follows: Inventories Raw materials Balance August 1 Balance August 31 $1,600 $2,100 Work in process $8,000 $12,000 Finished goods $32,000 $16,000