Verrett Corporation is a manufacturer that uses job-order costing. The company h

Question

Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: 12 475, 000 Raw materials purchased on account Raw materials (all direct) requisitioned for use in odction $ 476,000 $ 640,000 Direct labor cost Manufacturing overhead: 174,000 498,000 $1,469,000 $1,430,000 Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured Cost of goods sold (unadjusted) What is the journal entry to record raw materials used in production? Multiple Choice Work in Process Raw Materials 475,000 475,000 Raw Materials 475, 000 Work in Process 475,000 Raw Materials 76,000 Work in Frocess 476, 000 Work in Process Raw Materials 476,000 476,000

Explanation / Answer

Journal entry for direct material used for production is:

Work in process $ 476,000 Raw materials $ 476,000

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