Issuance of Materials
On August 4, Keenan Company purchased on account 440 units of raw materials at $22 per unit. During August, raw materials were requisitioned for production as follows: 167 units for Job 40 at $18 per unit and 163 units for Job 42 at $22 per unit.
Journalize the entry on August 4 to record the purchase.
Aug. 4 Materials?
Accounts Payable?
9,680
9,680
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Check My Work
Aug. 4: Record materials at their total purchase price.
Journalize the entry on August 31 to record the requisition from the materials storeroom.
Aug. 31 Work in Process?
Materials?
6,592
6,592