Soledad Corporation had $36,000 of raw materials on hand on December 1 During th

Question

Soledad Corporation had $36,000 of raw materials on hand on December 1 During the month, the Corporation purchased an additional $71,000 of raw materials. The journal entry to record the purchase of raw materials would include a credit to Raw Materials of $107,000. debit to Raw Materials of $107,000. credit to Raw Materials of $71,000. debit to Raw Materials of $71,000. Rice Corporation uses the cost formula Y = $4,800 + $0.40X for the maintenance cost, where X is machine hours. The August budget is based on 9,000 hours of planned machine time. What is the maintenance cost expected to be incurred during August? $1,200 $8,400 $4,800 $3,600

Explanation / Answer

13, The Answer is D.

i.e. Debit to Raw Material of $ 71,000

14. The Answer is B.

The cost formula Y = $ 4,800 + $ 0.40*X

where X is machine hours and in the month of August 9,000 Hours

after fit the above in the equation = $ 4,800 + $ 0.40*9000

= $ 4,800 + $ 3,600

= $ 8,400.

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