On November 1, Arvelo Corporation had $42,000 of raw materials on hand. During t

Question

On November 1, Arvelo Corporation had $42,000 of raw materials on hand. During the month, the company purchased an additional $68,000 of raw materials. During November, $75,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. Prepare journal entries to record these events. Use those journal entries to answer the following questions The credits to the Raw Materials account for the month of November total: Multiple Choice $75,000 $68,000 $42,000 $110,000

Explanation / Answer

Solution: $75,000

Explanation: The amount of $95,000 of raw materials requisitioned will be credited to the Raw Materials account

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