Ask Question
10 October, 03:08

Issuance of Materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7 to record the purchase.

+4
Answers (1)
  1. 10 October, 03:34
    0
    Given that,

    Units purchased = 10,000

    Per unit price = $8

    The journal entry is as follows:

    On May 7,

    Materials A/c Dr. $80,000

    To Accounts payable $80,000

    (To record the purchase)

    Workings:

    Materials = Units purchased by company * Raw material per unit price

    = 10,000 * $8

    = $80,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Issuance of Materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers