When raw materials are purchased, the cost is debited to an inventory account called ________.The materials account in the general ledger is a control account; a separate account for each type of material is kept in a(n) ________ ledger, called a materials or stores ledger.Materials are issued from the storeroom to production based on a form called the ________.Direct labor is debited to the ________ inventory account.

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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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When raw materials are purchased, the cost is debited to an inventory account called ________.
The materials account in the general ledger is a control account; a separate account for each type of material is kept in a(n) ________ ledger, called a materials or stores ledger.
Materials are issued from the storeroom to production based on a form called the ________.
Direct labor is debited to the ________ inventory account.

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