question archive On December 1, Mogro Corporation had $26,000 of raw materials on hand
Subject:AccountingPrice:4.89 Bought3
On December 1, Mogro Corporation had $26,000 of raw materials on hand. During the month, the Corporation purchased an additional $60,000 of raw materials. During December, $62,000 of raw materials were requisitioned from the storeroom for use in production. The debits entered in the Raw Materials account during the month of December total:
Solution; Computation of the debits entered in the Raw Materials account during the month of December total
The given information in the problem
Raw materials on Hand = $26,000
In December Purchases of Raw Materials = $60,,000
Raw materials were requisitioned from the storeroom for use in production = $62,000
Debits entered in the Raw Materials account Journal entry would be
Raw Materials A/c-----------Dr $60,000
Account Payable or Cash A/c $60,000
Hence the Debits entered in the Raw Materials account during the month of December total is $60,000
Step-by-step explanation
Explanation:
Raw materials on Hand = $26,000 already entered last month so will not be part of December purchase of Raw Materials
Raw materials were requisitioned from the storeroom for use in production = $62,000 which includes closing stock so its not part of December Raw materials