Question
answer the correct Scoot Comp. was incorporated in May 2014; Clara Leyva, president of the Company, provided the following data related to the inventory of
answer the correct
Scoot Comp. was incorporated in May 2014; Clara Leyva, president of the Company, provided the following data related to the inventory of materials for the month of June 2017:
June 02 Purchase in cash 2,000 units of direct materials at a cost of L. 20 each and 300 units of indirect materials at L. 1 each.
June 05 1,000 units of direct material were used in production. June 20 10 units of indirect material are used in production.
The accounting record to account for the transaction on June 5 is as follows:
to. | Work in process inventory L. 40,300.00 Material inventory L. 40,300.00 | |
b. | Work in process inventory L. 20,000.00 inventory of materials L. 20,000.00 | |
c. | Control CIF L. 20,000.00 Material inventory L. 20,000.00 |
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