Homework Answers
| Journal entries | ||||||
| Sr. No. | Particulars | Debit | Credit | |||
| 6 | Raw Materials Inventory | $10,000 | ||||
| Accounts Payable | $10,000 | |||||
| (To record raw materials purchased on account) | ||||||
| 7 | Work in Process Inventory | $6,000 | ||||
| Manufacturing Overheads | $500 | |||||
| Raw Materials Inventory | $6,500 | |||||
| (To record use of Raw materials in production direct as well as indirect materials) | ||||||
| 8 | Work in Process Inventory (8000*80%) | $6,400 | ||||
| Manufacturing Overheads (8000*20%) | $1,600 | |||||
| Salaries & Wages Payable | $8,000 | |||||
| (To record labor cost ) | ||||||
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