Five material requisitions (MR) forms were received by the materials storeroom of the Greencastle, Inc. during the first week of 2014. MR101 was for $290 of direct materials for job number 1501. MR102 was for $460 of direct materials for job number 1502. MR103 was for $110 of indirect materials issued to the factory floor. MR 104 was for $380 of direct materials issued to job number 1501. MR105 was for $590 of direct materials issued to job number 1503.

Prepare summary journal entries to record the issuance of these materials. (Hint:There should be a separate journal entry for direct and indirect materials.)

List of Accounts to use for journal entry:

Accounts Payable

Accounts Receivable

Accumulated Depreciation

Cash

Cost of Goods Sold

Finished Goods Inventory

Manufacturing Overhead

Raw Materials Inventory

Rent Payable

Repairs Payable

Sales Revenue

Selling and Administration Expenses

Utilities Payable

Wages Payable

Work in Process Inventory