Raw materials requisitioned

Raw materials requisitioned - General Journal Date Account...

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Raw materials requisitioned Best Chips started the month of June with $5,200 in raw materials inventory. Best Chips uses the  perpetual inventory method, so raw materials purchased are added to the raw material inventory  account when they are received. Raw materials requisitioned that become part of the final product or  are used by a specific function are considered direct materials used. The costs of direct materials are  added to the proper department's work-in-process inventory account. Raw materials requisitioned  that are used for general production purposes are added to factory overhead. The journal entries  related to raw material activity for June are: 
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Unformatted text preview: General Journal Date Account Title and Description Ref. Debit Credit 20X2 June 30 Raw Materials Inventory 4,600 (A) Accounts Payable 4,600 Purchased raw materials on credit (C) Factory Overhead 1,300 Raw Materials Inventory 1,300 Indirect materials for June (F) Work-in-Process Inventory-Preparation 2,800 Work-in-Process Inventory-Packaging 3,700 Raw Materials Inventory 6,500 Date Account Title and Description Ref. Debit Credit Transfer direct materials to work-in-process inventory At the end of the month, $2,000 of materials remained in raw materials inventory. Raw Materials Inventory beginning balance 5,200 1,300 (C) (A) 4,600 6,500 (F) 9,800 7,800 ending balance 2,000...
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This note was uploaded on 11/16/2011 for the course ACCT 2310 taught by Professor Staff during the Spring '09 term at Texas State.

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Raw materials requisitioned - General Journal Date Account...

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