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Raw Materials Costs illustration

Raw Materials Costs illustration - $32,000 The entry to...

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Raw Materials Costs illustration To illustrate, assume that Wallace Manufacturing purchases 2,000 handles (Stock No. AA2746) at $5 per unit ($10,000) and 800 modules (Stock No. AA2850) at $40 per unit ($32,000) for a total cost of $42,000 ($10,000 +
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Unformatted text preview: $32,000). The entry to record this purchase on January 4 is: Raw Materials Inventory 42,000 Accounts Payable (Purchase of raw materials on account)...
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