1 answer

On November 1, Arvelo Corporation had $35,000 of raw materials on hand. During the month, the...

Question:

On November 1, Arvelo Corporation had $35,000 of raw materials on hand. During the month, the company purchased an additional $75,000 of raw materials. During November, $89,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,600. Prepare journal entries to record these events. Use those journal entries to answer the following questions:

The credits to the Raw Materials account for the month of November total:


Answers

Ans. Date Accounts and Titles Dr.($) Cr.($)
Nov. Raw Material Inventory         75,000
    To Accounts Payable      75,000
(Being purchase of raw material on account)
Nov. Work in Progress         82,700
Manufacturing Overhead           6,300
    To Raw Materials      89,000
(Being raw material requisition for use in production )
Raw material account for the of November:
Opening Raw material Inventory         35,000
Add: Purchase of Raw Material         75,000
Less: Raw Material requisition for production         89,000
       Ending Raw Material $    21,000
.

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