The production of Job ACE went much better than planned. In fact, there was a fair amount of good, usable material left over. Doroth the production manager, pulled $40 of material from inventory, but used just $29 of material, along with $35 of DL and $12 of MOH. Dorothy believes the material should be put back into circulation, as it could be usable on a different job in the future. If the scrap material is put back into inventory, what is the journal entry to record the completion of Job ACE and the reclassification of material i the company uses the production method to account for scrap? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for th amounts. List all debit entries before credit entries.) Account Titles and Explanation RM Inventory Debit Credit
The production of Job ACE went much better than planned. In fact, there was a fair amount of good, usable material left over. Doroth the production manager, pulled $40 of material from inventory, but used just $29 of material, along with $35 of DL and $12 of MOH. Dorothy believes the material should be put back into circulation, as it could be usable on a different job in the future. If the scrap material is put back into inventory, what is the journal entry to record the completion of Job ACE and the reclassification of material i the company uses the production method to account for scrap? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for th amounts. List all debit entries before credit entries.) Account Titles and Explanation RM Inventory Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The production of Job ACE went much better than planned. In fact, there was a fair amount of good, usable material left over. Dorothy,
the production manager, pulled $40 of material from inventory, but used just $29 of material, along with $35 of DL and $12 of MOH.
Dorothy believes the material should be put back into circulation, as it could be usable on a different job in the future. If the scrap
material is put back into inventory, what is the journal entry to record the completion of Job ACE and the reclassification of material if
the company uses the production method to account for scrap? (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the
amounts. List all debit entries before credit entries.)
Account Titles and Explanation
RM Inventory
Debit
Credit
DUO
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