Fairfield Companys raw materials inventory transactions for

Fairfield Company\'s raw materials inventory transactions for the most recent month are summarized here Beginning raw materials Purchases of raw materials Raw materials issued $ 10,000 107,000 Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 42,500 For Job 101 33.000 For Job 102 10,500 Used on multiple jobs 1. & 2. Prepare the journal entries for materials. (If no entry is required for a transaction event, select \"No Journal B Required\" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Raw Materials Inventory Accounts Payable 107,000 107,000 Work in Process Inventory Manufacturing Overhead 75,500 Raw Materials Inventory

Solution

JOURNAL ENTRIES :

Date	accounts & explanation	debit	credit
	Raw material inventory	107000
	Account payable		107000
	(To record purchase of raw material)
	Work in process-Job 101	42500
	Work in process-Job 102	33000
	Manufacturing overhead	10500
	Raw material inventory		86000
	(To record transfer of raw material)