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Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the ...

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Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the ...

Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:

Raw materials purchased on account	$ 475,000
Raw materials (all direct) requisitioned for use in production	$ 476,000
Direct labor cost	$ 640,000
Manufacturing overhead:
Indirect labor cost	$ 174,000
Other manufacturing overhead costs incurred	$ 498,000
Cost of goods manufactured	$1,469,000
Cost of goods sold (unadjusted)	$1,430,000

What is the journal entry to record raw materials used in production?

▸

	Debit	Credit
Work in Process	475,000
Raw Materials		475,000

▸

	Debit	Credit
Raw Materials	475,000
Work in Process		475,000

▸

	Debit	Credit
Raw Materials	476,000
Work in Process		476,000

▸

	Debit	Credit
Work in Process	476,000
Raw Materials		476,000

Textbook

Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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