Question

In January, Knox Company requisitions raw materials for production as follows: Job 1 $936, Job 2 $1,690, Job 3 $767, and general factory use $667.
Prepare a summary journal entry to record raw materials used:

DEBIT CREDIT
Work in Process Inventory
Jan 31. Manufacturing Overhead
Raw Materials Inventory

Answer 1

Answer:

Materials used in production go to Work in Process so;

= 936 + 1,690 + 767

= $3,393

The materials used in the general factory will go to Manufacturing Overhead.

Date                                                                         Debit                   Credit

Jan 31   Work in Process                                     $3,393

             Manufacturing Overhead                      $   667

             Raw Materials Inventory                                                    $4,060