Fairfield Company’s raw materials inventory transactions for the most recent month are summarized here:Beginning raw materials$ 10,000 Purchases of raw materials113,000 Raw materials issued Materials requisition 144544,000For Job 101Materials requisition 144633,500For Job 102Materials requisition 144711,500Used on multiple jobsRequired:How much of the raw materials cost would be added to the Work in Process Inventory account during the period?How much of the raw materials costs would be added to the Manufacturing Overhead account?Compute the ending balance in the Raw Materials Inventory account.

Direct materials used is the cost of materials directly used in production during the period.…

Answered: Fairfield Company’s raw materials…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 13PA: The following events occurred during March for Ajax Company. Prepare a journal entry for each...

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Fairfield Company’s raw materials inventory transactions for the most recent month are summarized here:

Beginning raw materials	$ 10,000
Purchases of raw materials	113,000
Raw materials issued
Materials requisition 1445	44,000	For Job 101
Materials requisition 1446	33,500	For Job 102
Materials requisition 1447	11,500	Used on multiple jobs

Required:

How much of the raw materials cost would be added to the Work in Process Inventory account during the period?
How much of the raw materials costs would be added to the Manufacturing Overhead account?
Compute the ending balance in the Raw Materials Inventory account.

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