Assume your company purchased on account $800 of raw materials (direct materials) in January. In February, you used $600 of those raw materials in your factory. Which of the following entries should be made in February to record the materials used in your factory? Debit: Work in Process Inventory $600, credit: Raw Materials Inventory $600. Debit: Factory Overhead $600, credit: Raw Materials Inventory $600. Debit: Raw Materials Inventory $600, credit: Work in Process Inventory $600. Debit: Work in Process Inventory $600, credit: Factory Overhead $600. Debit: Accounts Payable $600, credit: Raw Materials Inventory $600. Debit: Raw Materials Inventory $600, credit: Accounts Payable $600.
Assume your company purchased on account $800 of raw materials (direct materials) in January. In February, you used $600 of those raw materials in your factory. Which of the following entries should be made in February to record the materials used in your factory? Debit: Work in Process Inventory $600, credit: Raw Materials Inventory $600. Debit: Factory Overhead $600, credit: Raw Materials Inventory $600. Debit: Raw Materials Inventory $600, credit: Work in Process Inventory $600. Debit: Work in Process Inventory $600, credit: Factory Overhead $600. Debit: Accounts Payable $600, credit: Raw Materials Inventory $600. Debit: Raw Materials Inventory $600, credit: Accounts Payable $600.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...
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Assume your company purchased on account $800 of raw materials (direct materials) in January. In February, you used $600 of those raw materials in your factory. Which of the following entries should be made in February to record the materials used in your factory?
Debit: Work in Process Inventory $600, credit: Raw Materials Inventory $600.
Debit: Factory
Debit: Raw Materials Inventory $600, credit: Work in Process Inventory $600.
Debit: Work in Process Inventory $600, credit: Factory Overhead $600.
Debit: Accounts Payable $600, credit: Raw Materials Inventory $600.
Debit: Raw Materials Inventory $600, credit: Accounts Payable $600.
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