On April 1, Stelter Corporation had $40,000 of raw materials on hand. During the

Question

On April 1, Stelter Corporation had $40,000 of raw materials on hand. During the month, the company purchased an additional $66,000 of raw materials. During April, $76,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $7,600. Prepare journal entries to record these events. Use those journal entries to answer the following question: The credits to the Work in Process account as a consequence of the raw materials transactions in April total:

Explanation / Answer

Date Account titles Debit $ Credit $ Raw-material $ 66,000 Cash $ 66,000 Raw-material $ 76,000 WIP $ 68,400 Indirect expenses $     7,600 WIP Account By Raw-material account $ 68,400.00

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