Corporation is a manufacturer that uses job order costing On January 1, the companys inventory balances were as follows Raw materials $ 74,000 Work in process $ 31,800 Finished goods $ 52,200 The company applies overhead cost to jobs on the basis of direct labor hours For the current year, the companys predetermined overhead rate of $14 50 per direct labor hour was based on a cost formula that estimated $580,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor hours The following transactions were recorded for the year Raw materials were purchased on account, $690,000 Raw materials use in production, $641,800 All of of the raw materials were used as direct materials The following costs were accrued for employee services direct labor, $530,000 indirect labor, $150,000 selling and administrative salaries, $308,000 Incurred various selling and administrative expenses (e g , advertising, sales travel costs, and finished goods warehousing), $457,000 Incurred various manufacturing overhead costs (e g , depreciation, insurance, and utilities), $430,000 Manufacturing overhead cost was applied to production The company actually worked 41,000 direct labor hours on all jobs during the year Jobs costing $1,703,300 to manufacture according to their job cost sheets were completed during the year Jobs were sold on account to customers during the year for a total of $3,510,000 The jobs cost $1,713,300 to manufacture according to their job cost sheets 1 What is the journal entry to record raw materials used in production (If no entry is required for a transaction event, select No journal entry required in the first account field )

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Corporation is a manufacturer that uses job-order costing. On January 1, the companys inventory balances were as follows: Raw materials $ 74,000 Work in process

Corporation is a manufacturer that uses job-order costing. On January 1, the companys inventory balances were as follows:


Raw materials	$	74,000
Work in process	$	31,800
Finished goods	$	52,200

The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the companys predetermined overhead rate of $14.50 per direct labor-hour was based on a cost formula that estimated $580,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year:

Raw materials were purchased on account, $690,000.
Raw materials use in production, $641,800. All of of the raw materials were used as direct materials.
The following costs were accrued for employee services: direct labor, $530,000; indirect labor, $150,000; selling and administrative salaries, $308,000.
Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $457,000.
Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $430,000.
Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year.
Jobs costing $1,703,300 to manufacture according to their job cost sheets were completed during the year.
Jobs were sold on account to customers during the year for a total of $3,510,000. The jobs cost $1,713,300 to manufacture according to their job cost sheets.

1. What is the journal entry to record raw materials used in production? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)