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Entries for Product Cost Flow The following transactions occurred during February 2016 for Thompson Manufacturing Company: Feb. 10 Acquired $22,500 of material on account that
Entries for Product Cost Flow The following transactions occurred during February 2016 for Thompson Manufacturing Company:
Feb. | 10 | Acquired $22,500 of material on account that will be used to produce product for resale. |
11 | Requisitioned $18,000 of material for use as direct material in the factory. | |
16 | Completed the manufacturing of products with a total product cost of $108,000 and transferred them to the warehouse. |
Record these transactions in general journal form. Assume that Thompson Manufacturing Company uses the perpetual inventory system.
General Journal | |||
---|---|---|---|
Date | Description | Debit | Credit |
Feb.10 | AnswerAccounts payableFinished goods inventoryMaterials inventoryWork in process inventory | Answer | Answer |
AnswerAccounts payableFinished goods inventoryMaterials inventoryWork in process inventory | Answer | Answer | |
Feb.11 | AnswerAccounts payableFinished goods inventoryMaterials inventoryWork in process inventory | Answer | Answer |
AnswerAccounts payableFinished goods inventoryMaterials inventoryWork in process inventory | Answer | Answer | |
Feb.16 | AnswerAccounts payableFinished goods inventoryMaterials inventoryWork in process inventory | Answer | Answer |
AnswerAccounts payableFinished goods inventoryMaterials inventoryWork in process inventory | Answer | Answer |
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