Answer:
A. Dr Raw meat Inventory 120,000
Cr Cash 120,000
B. Dr Indirect Materials $186,000
Cr Raw Materials $186,000
C. Dr Direct Materials $15,000
Cr Raw Materials $15,000
Explanation:
Preparation for the journal entries for the above transactions for the month of May.
Dr Raw meat Inventory 120,000
Cr Cash 120,000
(Being to record Raw materials purchases for cash)
B. Dr Indirect Materials $186,000
Cr Raw Materials $186,000
($201,000 - 15,000)
C. Dr Direct Materials $15,000
Cr Raw Materials $15,000
Answer:
Instructions are listed below
Explanation:
Giving the following information:
Mar. 1 Inventory 200 units at $8
Mar. 9 Sale 175 units
Mar. 13 Purchase 160 units at $9
Mar. 25 Sale 150 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method
Cost of goods sold= 25 units*$8 + 125units*9= $1325
Ending inventory= 35units* 9= $315
