E Mell 3 Fundamentals of Accountl tions/Courses BUS2053 Fundamentals of Accounti

Question

E Mell 3 Fundamentals of Accountl tions/Courses BUS2053 Fundamentals of Accounting II / Home / Exam CK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 10 Not yet Marked out of 18.00 P Flag question Entries for Product Cost Flow The following transactions occurred during January 2016 for Richards Manufacturing Company Jan. 5 Acquired $12,000 of material on account that will be used to produce product for resale Requisitioned $10,000 of material for use as direct material in the factory Completed the manufacturing of products with a total product 11 cost of $44,000 and transferred them to the warehouse. 16 Record these transactions in general journal form. Assume t rds Manufacturing Company uses the perpetual inventory system. General Journal 9

Explanation / Answer

Journal entries :

Date Accounts title Dr Cr Jan 5 Raw material inventory 12000 To Accounts payable 12000 Jan 11 Work in process 10000 To Raw material inventory 10000 jan 16 Finished goods inventory 44000 To Work in process 44000

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