The journal entry to record the issuance of directmaterials represented by the following materialsrequisitions for the month includes: Requisition No.Description Amount 372 Job No. 179 $ 5,950 373 JobNo. 184 $4,400 374 Job No. 180 $ 5,225 375 Generalfactory use $ 795 376 Job No. 182 $3,170 MultipleChoice a debit to Materials Inventory, $18,745. a debitto Materials Inventory, $19,540. a debit to Work - in -Process Inventory, $18,745. a credit to Work-in-Process Inventory, $19,540.

PROBLEMThe journal entry to record the issuance of direct materials represented by the following…

Answered: The journal entry to record the…

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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Multiple Choice a debit to Materials Inventory, $15,945. a debit to Materials Inventory, $16,670. a debit to Work-in-Process Inventory, $15,945. a credit to Work-in-Process Inventory, $15,945.
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The journal entry to record the issuance of direct materials represented by the following materials requisitions for the month includes: Requisition Number Description Amount 372 Job Number 179 $ 5,650 373 Job Number 184 $ 4,100 374 Job Number 180 $ 4,925 375 General factory use $ 765 376 Job Number 182 $ 2,870 A debit and credit to which accounts?
The following balances appear on the accounts of Greusel Fabrication: March 11 (Beginning) $ 45,000 March 31 (Ending) $50,000 75,200 71,000 51,500 47,200 Direct materials used during the month amount to $534,000 and the cost of goods sold for the month was $1,526,000. Required: Prepare a cost of goods sold statement. Direct materials inventory Work-in-process inventory Finished goods inventory Manufacturing costs Direct materials Materials available GREUSEL FABRICATION Cost of Goods Sold Statement For the Month Ended March 31
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 90,900 Indirect materials issued to production 13,700 Total materials issued to production 129,000 Beginning materials inventory 51,800 The credit to the materials inventory account for materials used is: Multiple Choice $129,000. $13,700. $90,900. $115,300. $51,800.
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
Marzoni's records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper format of the…
During July 20X1, Kali Co. purchased and issued the following materials and supplies. Purchases Issues from Storeroom Materials $ 62,000 Direct materials $ 52,000 Manufacturing supplies 4,200 Manufacturing supplies 3,700 Required: Give the entry in general journal form to record the cost of the materials purchase
A manufacturer’s Raw Materials Inventory account appears as follows: Raw Materials Inventory Debit Credit Beginning 25,700 Purchases 100,700 82,800 Direct materials used 15,700 Indirect materials used Ending 27,900 All raw materials purchases are made on credit. Prepare journal entries to record the:1. Purchase of raw materials.2. Direct materials used.3. Indirect materials used.
Problem 1.a.: Computation of Direct Material Used.Akari Inc. provided the following information for its raw material inventory account at the end of the current month:Raw Materials (RM) InventoryAccounts $ Accounts $Beginning balance $22,600 Direct materials (DM) used ?Purchase $88,400 Indirect materials used $7,600Ending Balance $27,200Required: Compute the missing information for the direct materials used during the current month.Solution: Formula: Beginning RM+ RM Purchased= Total RM available for use- Ending RM= RM used- Indirect material used= DM used
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to Work In Process, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 93,200 Indirect materials issued to production 27,100 Total materials issued to production 119,000 Beginning materials inventory 52,900 The credit to the materials inventory account for materials used is: Multiple Choice $119,000. $27,100. $93,200. $91,900. $52,900.
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in- process inventory Finished goods inventory $ December 31 (Ending) 22,300 32,200 5,500 $ 25,400 29,300 7,200 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $53,400. Required: Prepare a cost of goods sold statement

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