Answered step by step
Verified Expert Solution
Question
1 Approved Answer
26.) 12 Badr Industries purchased $60,000 of raw materials on account during the month of February. The beginning Raw Materials Inventory balance was $4,200, and
26.)
12 Badr Industries purchased $60,000 of raw materials on account during the month of February. The beginning Raw Materials Inventory balance was $4,200, and the materials used to complete jobs during the month were $36,000 of direct materials and $16,000 of indirect materials. Factory wages paid in cash totaled $120,000 of which 45% is indirect labor. Assume that raw materials account includes direct and indirect materials. Part 1: Prepare journal entries in proper form for for the following for February a. Purchase of raw materials on account. b. Direct materials used in production c. Indirect materials used in production d. Direct labor used in production e. Indirect labor used in production Part 2: What is the ending balance in raw materials inventory Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started