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Kasie Vinyl keeps track of its inventory and orders additional inventory to have on hand when the production department requests it. This inventory is not associated with any particular job, and the purchases stay in raw materials inventory until assigned. Raw Material (Vinyl Inventory) is 10000, Raw Material INK is 500. a) What is the Accounts payable for the company (Answer in a journal entry). (5) The use of direct materials is not limited to one production department. Suppose the Finishing department requisitions direct materials for production. b) Develop a journal entry to reflect this transaction (5) Kasie Vinyl keeps track of its inventory and orders additional inventory to have on hand when the production department requests it. This inventory is not associated with any particular job, and the purchases stay in raw materials inventory until assigned. Raw Material (Vinyl Inventory) is 10000, Raw Material INK is 500. a) What is the Accounts payable for the company (Answer in a journal entry). (5) The use of direct materials is not limited to one production department. Suppose the Finishing department requisitions direct materials for production. b) Develop a journal entry to reflect this transaction (5)
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a Journal entry to record accounts payable Accounts Payable 10500 Raw Mat... View the full answer
Related Book For
Systems analysis and design in a changing world
ISBN: 978-1423902287
5th edition
Authors: John W. Satzinger, Robert B. Jackson, Stephen D. Burd
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