Question

Recording Issuing of Materials Materials issued for the current month are as follows: Requisition No. Material...

Recording Issuing of Materials

Materials issued for the current month are as follows:

Requisition No. Material Job No. Amount
945 Fiberglass 78 $20,768
946 Plastic 93 10,148
947 Glue Indirect 1,127
948 Wood 99 3,717
949 Aluminium 108 39,471

a. Determine the amount of materials transferred to Work in Process and Factory Overhead for the current month.

Materials transferred to Work in Process $
Materials transferred to Factory Overhead $

b. Illustrate the effect on the accounts and financial statements of the materials transferred in (a).

If no account or activity is affected, select "No effect" from the drop-down list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.

Statement of Cash Flows Balance Sheet
Assets = Liabilities + Stockholders' Equity
+ + = +
Statement of Cash Flows Income Statement
Business   Accounting   
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Homework Answers

Answer #1
(a)
Job No. Amount
78 $ 20,768
93 $ 10,148
99 $ 3,717
108 $ 39,471
Materials transferred to Work in Process $ 74,104
Materials transferred to Factory Overhead
(Indirect Materials )		 $ 1,127
Statement of Cash Flows Balance Sheet
Assets = Liabilities + Stockholders' Equity
Materials + Work in Process + Factory Overhead = No Effect + No effect
($ 75,231) + $ 74,104 + $ 1,127 =
Statement of Cash Flows Income Statement
No effect No effect
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