Which of the following is/are true regarding the Raw Materials Inventory account?
A) The Raw Materials Inventory account includes the cost of raw materials purchased but not yet transferred to the factory floor.
B) The manufacturing firm records purchases of raw materials as debits to the Raw Materials Inventory account.
C) When the manufacturer physically transfers raw materials to the factory floor, it also transfers the cost of the raw materials from the Raw Materials Inventory account to the Work-in-Process Inventory account.
D) When the manufacturer physically transfers raw materials to the factory floor, it records this transfer as a credit to the Raw Materials Inventory account for the cost of the raw materials transferred and a debit to the Work in Process Inventory account.
E) all of the above
Correct Answer:
Verified
Q51: Which of the following is/are true regarding
Q52: Sparkle Industries began a period with 2,000
Q53: Which of the following is/are not true
Q54: _ firms acquire inventory items in a
Q55: Which of the following is/are not true
Q57: Cash equivalents includes short-term,
A)highly liquid investments with
Q58: The principle for cost inclusion is that
Q59: _ firms transform raw materials, purchased parts,
Q60: Which of the following is/are true regarding
Q61: Which of the following is/are not true
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents