Issuance of Materials On May 7, Jernigan Company purchased on account 320 units

Question

Issuance of Materials On May 7, Jernigan Company purchased on account 320 units of raw materials at $20 per unit. During May, raw materials were requisitioned for production as follows: 109 units for $18 per unit and 131 units for Job 305 at $20 per unit. Job 200 at Journalize the entry on May 7 to record the purchase May 7 Materials Accounts Payable Feedback 7 Check My Work May 7 Record materials at their total purchase price. Journalize the entry on May 31 to record the requisition from the materials storeroom Work in Process Y Materials May 31

Explanation / Answer

May.7

Materials (320 Units x $20)

$6,400

Accounts Payable

$6,400

May.31

Work in Process

$4,582

Materials (109*$18 + 131*$20)

$4,582

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May.7

Materials (320 Units x $20)

$6,400

Accounts Payable

$6,400

May.31

Work in Process

$4,582

Materials (109*$18 + 131*$20)

$4,582

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