on April 6, Almerinda Company purchased on account 60,500 units of raw materials at $13.00 per...

on April 6, Almerinda Company purchased on account 60,500 units of raw materials at $13.00 per unit. OnApr 21, raw materials were requisitioned for production as follows: 26,000 units for job 50 at $9.00 per unit and 26,800 units for job 51 at $13.00 per unit. journalize the entry on April 6 to record the purchase and on April 21 to record the requisition from the materials storeroom.

Expert Solution

April 6:

Amount = 60,500 × $13 = $786,500

Raw material inventory is debit, since this is an asset and increasing.

Accounts payable is credit, since this purchase is on-account and creates liability.

Journal

Date	Account titles and explanations	Ref.	Debit	Credit
April 6	Raw material inventory		$786,500
	Accounts payable			$786,500
	To record on-account material purchase

April 21:

Total amount = (26,000 × $9) + (26,800 × $13) = $234,000 + $348,400 = $582,400

Work-in-process is debit, since it is charged to production.

Raw material inventory is credit, since this an asset and decreasing.

Journal

Date	Account titles and explanations	Ref.	Debit	Credit
April 21	Work-in-process		$582,400
	Raw material inventory			$582,400
	To record material requisitioned for production of job 50 and job 51.

ekkarill92 answered 1 year ago

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