Journalize the following transactions for Combs Company. (a) Purchased 6,000 uni

Question

Journalize the following transactions for Combs Company. (a) Purchased 6,000 units of raw materials on account for $11,500. The standard cost was $12,000. (b) Issued 5,600 units of raw materials for production. The standard units were 5,800.

Brief Exercise 25-8 Journalize the following transactions for Combs Company. (a) Purchased 6,000 units of raw materials on account for $11,500. The standard cost was $12,000. (b) Issued 5,600 units of raw materials for production. The standard units were 5,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Raw material 12000 Material price variance 500 Account payable 11500 (To record material purchase) Work in process (5800*2) 11600 Material usage variance 400 Raw material (5600*2) 11200 (To record material issued)

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