Material C, . Material D, Job 10 Material D, Job 11 Factory supplies Factory sup

Question

Material C, . Material D, Job 10 Material D, Job 11 Factory supplies Factory supplies 12 18 21 114 115 116 117 118 2,000 1.300 23 28 30 or the materials requisitic Prepare a summary journal entry f Prepare a journal entry to record each of the following mateiä a. Total materials purchased on account during the mon Recording materials transactions transactions: amounted to $200,000. b. Direct materials requisitioned for the month totaled $175,00 c. Indirect materials requisitioned during the month totale $12,000. d. Direct materials returned to the storeroom from the factor amounted to $2,500 e. Total materials returned to vendor during the mont amounted to $1,800. f. Payment during the month for materials purchase account totaled $165,000. FIFO costing Using first-in, first-out; perpetual inventory costing; and the lowing information, determine the cost of materials u the cost of the July 31 inventory: July 1 Balance on hand, 1,000 yd of linen @ $4.00 each. 3 Issued 250 yd. 5 Received 500 yd 6 Issued 150 yd. 10 Issued 110 yd. $4.50 each

Explanation / Answer

Transaction Account Titles and Explanation Debit Credit a. Raw materials inventory 200000 Accounts payable 200000 (To record raw materials purchased on account) b. Work in process inventory 175000 Raw materials inventory 175000 (To record direct materials requisitioned) c. Factory overheads 12000 Raw materials inventory 12000 (To record indirect materials requisitioned) d. Raw materials inventory 2500 Work in process inventory 2500 (To record direct materials returned from factory to storeroom) e. Accounts payable 1800 Raw materials inventory 1800 (To record purchase returns to vendor) f. Accounts payable 165000 Cash 165000 (To record payments on account)

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