22) Raw Materials Inventory Journal Entries. The balance in Sedona Company's raw materials inventory account was $110,000 at the beginning of September. Raw materials purchased during the month totaled $50,000. Sedona used $17,000 in direct materials and $8,000 in indirect materials for the month.
a. Prepare separate journal entries to record the following items:
- Raw materials purchased for the month, assuming all purchases were on account
- The transfer of direct materials into production
- The transfer of indirect materials into production
b. P r e p a r e a T-account for raw materials inventory and include the beginning balance for September. Post the appropriate items from the journal entries in part a to this account, and calculate the ending balance in raw materials inventory.
A) Journal Entries Raw materials purchased for the month, assuming all purchases were on account Raw Material... View the full answer