1. Hot wax surfboard wax in a single operation. This period , hotwax purchased 6

Question

1. Hot wax surfboard wax in a single operation. This period , hotwax purchased 62000 in raw materials. its production department requisitioned 50000 of those materials for use in production. Prepare journal entries to record its 1) purchase raw materials and 2) requisition of direct materials

2.Prepare journal entries to record the following production activities for hotwax

1. Incurred direct labor of 125000 (credit factory payable)

2. Incurred indirectlabor of 10,000 (credit factory payable)

3. Total factory payroll 135000 was paid in cash

Explanation / Answer

Labour Dr 125000

Factory Dr 10000

To cash 135000

1) Purchase of Raw Material Raw Material    Dr 62000           To Cash 62000 2) Requisition of Direct Material Work In Progress   Dr 50000              To Raw Material 50000

Labour Dr 125000

Factory Dr 10000

To cash 135000

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