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31 August, 03:54

At the beginning of August, Hogancamp Corporation had $26,000 of raw materials on hand. During the month, the company purchased an additional $73,000 of raw materials. During August, $77,000 of raw materials were requisitioned from the storeroom for use in production. The credits to the raw materials account for the month of August total:

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  1. 31 August, 04:29
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    Total credit to material account = $, $77,000

    Explanation:

    Upon the purchase of raw materials, the raw material control account is debited and the cash/payable account is credited. A credit purchase will require the use of the payables account and a cash purchase the cash account.

    Upon the usage of raw material (i. e), the work in progress or the overhead account is debited and the raw material control account is credited. For the requisition of direct material, debit work-in-progress account for the cost of the material.

    Total credit to material account = $77,000
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