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In-s [12.5K]
3 years ago
9

Entry for Issuing Materials Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 201 A

luminum 500 $88,700 202 Plastic 503 27,600 203 Rubber 504 3,650 204 Glue Indirect 2,250 205 Steel 510 38,750 Journalize the entry to record the issuance of materials. For a compound transaction, if an amount box does not require an entry, leave it blank.
Business
1 answer:
Svetradugi [14.3K]3 years ago
5 0

Answer:

The journal entry is as follows:

Work in process A/c                 Dr. $158,700

Manufacturing overhead A/c   Dr. $2,250

To Raw material inventory                               $160,950      

(To record the issuance of materials)

Workings:

  • Work in process is debited with direct material:

        =  88,700 + 27,600 + 3,650 + 38,750

        = $158,700

  • Manufacturing overhead debited with indirect material cost = $2,250

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<h3>How to calculate the loss?</h3>

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A study by university of minnesota economist, joel waldfogel, estimated the difference in the actual monetary value of gifts received and how much the recipients would have been willing to pay to buy them on their own. the study suggested that the average recipient’s valuation was approximately 90% of the actual purchase price.

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