During December, Ketchum Corporation purchased $64,000 of raw materials on credit to add to its raw materials inventory. A total of $80,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $7,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and their use in production.

Question

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The Answer of During December, Ketchum Corporation purchased $64,000 of raw materials on credit to add to its raw materials inventory. A total of $80,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $7,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and their use in production.

During December, Ketchum Corporation Purchased $64,000 of Raw Materials on Credit