Robo-Pool manufactures robotic pool vacuums. Each unit requires $225 of raw materials and $375 of conversion costs
Question:
Robo-Pool manufactures robotic pool vacuums. Each unit requires $225 of raw materials and $375 of conversion costs and is sold for $700. During a recent month, the company produced and sold 120 units. Prepare journal entries to record each of the following.
1. Purchase of raw materials on credit.
2. Applied conversion costs to production.
3. Sold 120 units on credit.
4. Record cost of goods sold.
Step by Step Answer:
1 Work in Process Inventory 27000 Accounts Payable 27000 Purchased materia...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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