Which of the following would be included in the journal entry to record the requisition of indirect materials? a. Debit to Manufacturing Overhead b. Debit to Materials inventory c. Debit to Finished Goods Inventory d. Debit to Work in process inventory

Which of the following would be included in the journal entry to record the requisition of indirect materials? a. Debit to Manufacturing Overhead b. Debit to Materials inventory c. Debit to Finished Goods Inventory d. Debit to Work in process inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Which of the following would be included in the journal entry to record the requisition of indirect materials?

Debit to Manufacturing Overhead

Debit to Materials inventory

Debit to Finished Goods Inventory

Debit to Work in process inventory

Definition Definition Indirect costs incurred while producing goods or services. Overhead costs cannot be directly attributed to products or services. Overhead includes indirect material cost, indirect labor cost, rent, utilities expenses, and depreciation. Since these costs directly affect the profitability of a company, managing overhead becomes an important task for management.

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n the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. Compute the cost of direct labor used for the period. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.
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