Kasie Vinyl keeps track of its inventory and orders additional inventory to have on hand when...

 

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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). The use of direct materials is not limited to one production department. Suppose the Finishing department requisitions direct materials for production. (5) b) Develop a journal entry to reflect this transaction 1.2 (5) A Vinyl record production supervisor submitted a materials requisition form for R300 in vinyl, R100 in black ink, R60 in red ink, and R60 in gold ink. For the finishing process for Job INC001, R120 in grommets and R60 in finishing wood were requisitioned. a) Reflect these actions in a journal (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). The use of direct materials is not limited to one production department. Suppose the Finishing department requisitions direct materials for production. (5) b) Develop a journal entry to reflect this transaction 1.2 (5) A Vinyl record production supervisor submitted a materials requisition form for R300 in vinyl, R100 in black ink, R60 in red ink, and R60 in gold ink. For the finishing process for Job INC001, R120 in grommets and R60 in finishing wood were requisitioned. a) Reflect these actions in a journal (5)

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a Journal entry to calculate Accounts Payable Accounts Payable 0 Raw Mat... View the full answer