Prepare journal entries for these transactions of Brayton Company using
Prepare journal entries for these transactions of Brayton Company using the gross price method and the perpetual inventory system.
Apr. 8 Purchased $ 15,800 in direct materials; terms 1 10, n 30, FOB shipping point.
11 $ 3,080 direct materials were requisitioned from the direct materials warehouse.
15 Filled indirect materials requisition, $ 800. These materials are recorded as supplies.
17 $ 380 in direct materials requisitioned on April 11 were not used in production and were returned to the warehouse.
17 Paid for direct materials purchased April 8.
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