FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Journalize the following transactions for Ivanhoe Company.
(a) Purchased 6,800 units of raw materials on account for $12,910. The standard cost was $13,600.
(b)
Issued 6,650 units of raw materials for production. The standard units were 6,790.
(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation
(a)
Raw Materials Inventory
Accounts Payable
Manufacturing Overhead
Debit
13600
(b)
Work in Process Inventory
12635
Raw Materials Inventory
Manufacturing Overhead
Credit
690
12910
12635
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Transcribed Image Text:Journalize the following transactions for Ivanhoe Company. (a) Purchased 6,800 units of raw materials on account for $12,910. The standard cost was $13,600. (b) Issued 6,650 units of raw materials for production. The standard units were 6,790. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Raw Materials Inventory Accounts Payable Manufacturing Overhead Debit 13600 (b) Work in Process Inventory 12635 Raw Materials Inventory Manufacturing Overhead Credit 690 12910 12635
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