On November 1, Arvelo Corporation had $41,000 of raw materials on hand. During the month, the company purchased an additional $69,000 of raw materials. During November, $77,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,800. Prepare journal entries to record these events. Use those journal entries to answer the following questions:

The credits to the Raw Materials account for the month of November total:

 

Answer rating: 100% (QA)

Solution Journal entry for issued for raw materi... View the full answer