Raw Materials Journal Entries (Actual Cost System). Ace Manufacturing Company purchased raw materials on account for $40,000
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Raw Materials Journal Entries (Actual Cost System). Ace Manufacturing Company purchased raw materials on account for $40,000 on March 1, 20x2. On March 2, direct materials costing $15,000 were placed into production, and manufacturing supplies costing $1,500 were drawn from inventory for use in the factory. Prepare journal entries to record these transactions. Assume an actual cost system.
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