Hotwax makes surfboard wax in a single operation. This period, Hotwax purchased $62,000 in raw materials. Its

Question:

Hotwax makes surfboard wax in a single operation. This period, Hotwax purchased $62,000 in raw materials. Its production department requisitioned $50,000 of those materials for use in production. Prepare journal entries to record its
(1) Purchase of raw materials
(2) Requisition of direct materials.