Question
Jupiter Buxton, Inc. makes pudding. During the month of June, Jupiter purchased $87,000 of white sugar (raw material) on credit to add to its current
Jupiter Buxton, Inc. makes pudding. During the month of June, Jupiter purchased $87,000 of white sugar (raw material) on credit to add to its current pile of white sugar inventory. A total of $72,000 of raw materials were requisitioned from the storeroom for use in production. Of all these requisitioned raw materials $12,000 consisted of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and their use 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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