Dazzle, Inc. produces beads for jewelry making use. The following information su

Question

Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for direct material usage is: Debit Raw Materials Inventory $87,000; credit Accounts Payable $87,000. Debit Raw Materials Inventory $87,000; credit Finished Goods Inventory $87,000. Debit Cost of Goods Sold $87,000; credit Finished Goods Inventory $87,000. Debit Work in Process Inventory $87,000; credit Raw Materials Inventory $87,000. Debit Work in Process Inventory $87,000; credit Cost of Goods Sold $87,000.

Explanation / Answer

Answer

Debit : Work in Progress inventory 87,000$

Credit : Ram material inventory 87,000$

Explanation :

At the time of Purchase of rawmaterial the entry will be like this:

Debit : Raw material inventary 87,000$

Credit : Accounts Payable 87,000$

At the time of sending the rawmaterial for production above first entry will be recorded.

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