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On March 1, Razor Corp had $24,000 of raw materials on hand. During the month, the company purchased an additional $55,000 of raw materials.
On March 1, Razor Corp had $24,000 of raw materials on hand. During the month, the company purchased an additional $55,000 of raw materials. During the month, $50,000 of raw materials was requisitioned from the warehouse for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the purchase of raw materials would include a: Debit to Raw Materials $73,000 O Credit to Raw Materials of $55,000 Debit to Raw Materials of $55,000 O Credit to Raw Materials of $73,000
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