Question

On November 1, Arvelo Corporation had $33,500 of raw materials on hand. During the month, the company purchased an additional $76,500 of raw materials. During November, $92,000 production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,300. Prepare journal entries to record these events. Use those journal entries to answer the following questions: of raw materials were requisitioned trom the storeroom for use in The credits to the Raw Materials account for the month of November total:
a. $92,000
b. $33,500
c. $110,000
d. $76,500

Answer 1

Answer:

a. $92,000

Explanation:

Journal Entries

                                                Dr.               Cr.

Purchase of Inventory

Raw Material Inventory       $76,500

Cash / Account Payable                         $76,500

Transferred to production

Work in Process                   $88,700

Manufacturing overhead     $3,300

Raw Material Inventory                           $92000

So, Raw Inventory account is credited By $92,000.