During June, Briganti Corporation purchased $81,000 of raw materials on credit to add to its raw materials inventory. A total of
$66,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $6,000 of indirect materials. Required: Prepare journal entries to record the purchase of materials and their use in production.
(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
When you use perpetual inventory system, you must record cost of goods sold every time you make a sale. But when you use a periodic inventory system, you close cost of goods sold with merchandise inventory account at the end of the period.
beginning inventory + purchases - ending inventory = cost of goods sold
A Bill of Lading or BoL is a legal document between a goods shipper and a transport operator. BoLs are commonly used in international commerce. The BoL includes descriptions of the form, quantity or destination of the goods to be transported. It must accompany the ship's goods and be signed by a shipper's representative, the carrier and the receiver.
Product mix refers to the total variety of product that offered by a certain company which collectively become one big pool of income. The creation of product mix is aimed to reach the market segmentation that hasn't been reached by the previous product.
