On November 1, Arvelo Corporation had $32,000 of raw materials on hand. During t

Question

On November 1, Arvelo Corporation had $32,000 of raw materials on hand. During the month, the company purchased an additional $78,000 of raw materials. During November, $95,000 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 $3,000. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Work in Process account as a consequence of the raw materials transactions in November total: Multiple Choice $78,000 $0 $95,000 $92,000

Explanation / Answer

Answer is $ 0

There were no credits to the Work in Process account in August, only debits.

(Dr) Work in process
(Cr) Manufacturing Overhead

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