A review of a company's Work-in-Process Inventory account found a debit for materials of $67,000. If all procedures were performed in the correct manner, this means that the firm:

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18-01-2021
Business

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A review of a company's Work-in-Process Inventory account found a debit for materials of $67,000. If all procedures were performed in the correct manner, this means that the firm:

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amcool amcool · Answer 1 · 2021-01-21T01:48:46+01:00

Answer:

This means that the direct materials usage was being accounted for the firm by also crediting the Raw-Material Inventory account.

Explanation:

One of the types of journal entries for accounting for the direct materials usage in a manufacturing firms is as follows:

Debit Raw Materials account

Credit Raw-Material Inventory account

In this question, since the debit materials was debited for $67,000, and all procedures were performed in the correct manner, it implies that the direct materials usage was being accounted for by the firm by also crediting the Raw-Material Inventory account.