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Flura [38]
3 years ago
10

On May 7, Keenan Company purchased on account 620 units of raw materials at $21 per unit. During May, raw materials were requisi

tioned for production as follows: 211 units for Job 200 at $19 per unit and 273 units for Job 305 at $21 per unit.
Required:
Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom.
Business
1 answer:
a_sh-v [17]3 years ago
8 0

Answer:

Dr Material Inventory $13,020

Cr               Trade Payables $13,020

Dr Work In Progress $9,742

Cr Material Inventory       $9,742

Explanation:

On 7th May the double entry would be to record the inventory purchases on credit which would increase the inventory by $13,020 (620*21) as under:

Dr Material Inventory $13,020

Cr               Trade Payables $13,020

The material sent to production or manufacturing team would be recorded as increase in the work in progress by the value of the material issued which is $9,742 (211*$19 + 273*$21).

Dr Work In Progress $9,742

Cr Material Inventory       $9,742

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