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Raw Materials Costs - It would credit the account for...

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Raw Materials Costs When Wallace receives the raw materials it has purchased, it debits the cost of the materials to Raw Materials Inventory . The company would debit this account for the invoice cost of the raw materials and freight costs chargeable to the purchaser.
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Unformatted text preview: It would credit the account for purchase discounts taken and purchase returns and allowances. Wallace makes no effort at this point to associate the cost of materials with specific jobs or orders ....
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