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Sagot :
Answer:
a. Debit Materials for $1,770,000; and Credit Account payable for $1,770,000.
b. Debit Work in process for $1,664,000; Debit Factory overhead for $83,600; and Credit Materials for $1,747,600.
Explanation:
a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank.
The journal entries will look as follows:
Accounts Name Debit ($) Credit ($)
Materials (w.1) 1,770,000
Account payable 1,770,000
(To record the purchase of materials in April.)
b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank.
The journal entries will look as follows:
Accounts Name Debit ($) Credit ($)
Work in process (w.2) 1,664,000
Factory overhead 83,600
Materials 1,747,600
(To record to record the requisition of materials in April.)
Working:
w.1: Materials purchased = Fabric + Polyester filling + Lumber + Glue = $820,000 + $315,000 + $555,000 + $80,000 = $1,770,000
w.2: Work in process = Materials - Factory overhead = $1,747,600 - $83,600 = $1,664,000
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