Answer:
January 2, 2017
Raw Materials $31,500 (debit)
Trade Payable $31,500 (credit)
January 15, 2017
Work In Process $22,500 (debit)
Raw Materials $22,500 (credit)
Explanation:
January 2, 2017
Raw Materials $31,500 (debit)
Trade Payable $31,500 (credit)
3,500 pounds × $9 per pound = $31,500
<em>Recognise the Asset - Raw Materials Inventory and Recognise the Liability - Trade Payable</em>
January 15, 2017
Work In Process $22,500 (debit)
Raw Materials $22,500 (credit)
2,500 pounds × $9 per pound = $22,500
<em>Recognise Cost of Manufacture - Work In Process and De-recognise the Asset - Raw Materials </em>
