QS 194 Raw materials journal entries LO P1 During the curren

QS 19-4 Raw materials journal entries LO P1 During the current month, a company that uses job order costing purchases $94,000 in raw materials for cash. It then uses $19,000 of raw materials indirectly as factory supplies and uses $66,600 of raw materials as direct materials. Prepare journal entries to record these three transactions 5 points View transaction list 00:45:33 Journal entry worksheet 3 Record the raw materials purchase for $94,000, paid in cash Note: Enter debits before credits. Debit Credit General Journal Raw materials inventory 94,000 Cash 94,000

Solution

Raw materials inventory 94000            Cash 94000 Factory overhead 19000           Raw materials inventory 19000 Work in process inventory 66600           Raw materials inventory 66600