Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 945 Fiberglass
Question:
Materials issued for the current month are as follows:
Requisition No. Material Job No. Amount
945 Fiberglass 78 $26,048
946 Plastic 93 12,728
947 Glue Indirect 1,413
948 Wood 99 4,662
949 Aluminium 108 49,506
a. Determine the number of materials transferred to Work in Process and Factory Overhead for the current month.
Materials transferred to Work in Process $92,944
Materials transferred to Factory Overhead $1,413
b. Illustrate the effect on the accounts and financial statements of the materials transferred in (a).
If no account or activity is affected, select "No effect" from the drop-down list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
Balance Sheet
Assets = Liabilities + Stockholders' Equity
Materials
+
Work in process 92,944
+
Factory overhead 1,413
=
No effect
+
No effect
Expert Answer:
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