Answer:
Aug. 4 Materials 168,000
Accounts Payable 168,000
$168,000 = 12,000 × $14.
24 Work in Process* 126,800
Materials 126,800
* Job 40
$ 40,000
= 5,000 × $8
On February 8, Gross Company purchased on account 72,000 units of raw materials at $8 per unit. On February 19, raw materials were requisitioned for production as follows: 32,000 units for Job 60 at $7 per unit and 37,000 units for Job 61 at $8 per unit. Journalize the entry on February 8 to record the purchase and on February 19 to record the requisition from the materials storeroom.
Answer:
Feb. 8 Materials 576,000
Accounts Payable 576,000
$576,000 = 72,000 × $8.
19 Work in Process* 520,000
Materials 520,000
* Job 60
$224,000
= 32,000 × $7
Job 61 296,000 = 37,000 × $8
Total $520,000
Answer:
Feb. 8 Materials 576,000
Accounts Payable 576,000
$576,000 = 72,000 × $8.
19 Work in Process* 520,000
Materials 520,000
* Job 60
$224,000
= 32,000 × $7
Job 61 296,000 = 37,000 × $8
Total $520,000
