Select the proper journal entry to record the movement of 1,700 units of part number 116B to work in process when each unit of 116B has a value of $2.00. Group of answer choices Raw Material Inventory 3,400 Work in Process 3,400 Work in Process 3,400 Raw Material Inventory 3,400 Work in Process 3,400 Cash 3,400 Work in Process 3,400 Factory Overhead 3,400

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Select the proper journal entry to record the movement of 1,700 units of part number 116B to work in process when each unit of 116B has a value of $2.00.
Group of answer choices
Raw Material Inventory          3,400
        Work in Process                                3,400
Work in Process                    3,400
         Raw Material Inventory                   3,400
Work in Process                    3,400  
         Cash                                                 3,400
Work in Process                    3,400
         Factory Overhead                             3,400
Expert Solution
Step 1

The journal entry to record the movement of 1,700 units of part number 116B with a value of $2 each to work in process will be to debit Work in process account and credit Raw material inventory account for $3400 (1,700 Units x $2).

As Work in process inventory is increased it will be debited and raw material inventory is decreased as it is consumed therefore it will be credited.

 

 

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