online ×NG TheAnnual-Budgeted Cc (G Lean Accounting The an × G Lean Accounting T

Question

online ×NG TheAnnual-Budgeted Cc (G Lean Accounting The an × G Lean Accounting Thean com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&tak; nt/takeAssignmentMain, do?invoker-assignments&takeAss; e Issuance of materials Chart of Aocounts Journal Instructions On May 7, Bergan Company purchased on account 10,000 units of raw materials at s8 per unit During May, raw materials were requisitioned for production as tollows: 7,500 units for 1,480 units tor Job 305 at $5 per unit Job 200 at $8 per unit and Required: Journalize the entry on May 7 to record the purchase and on May 31 to record the requisioon from the materials storeroom. Refer to the Chart of Accounts for exact wordting of account odes

Explanation / Answer

a) Journal Entries (Amounts in $)

b) Journal Entries (Amounts in $)

Date Description Post Ref. Debit Credit May 7 Materials (10,000 units*$8 per unit) 80,000 Accounts Payable 80,000 (To record purchase of materials on account) May 31 Work in Process [(7,500*$8)+(1,480 units*$5)] 67,400 Materials 67,400 (To record requisition of materials)

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