Reference no: EM133002483
Below are transactions of Puregold Company regarding its raw materials for the first month of its operation.
1. Purchased raw materials on account, 5,000 units @ P100 on account. The company also paid freight of P10,000 for the shipment.
2. Recorded requisition for the month, 75% of the total raw materials available for use, of which, 10% is indirect materials.
3. Excess materials return to the storeroom: direct materials, P5,100 of which and indirect materials, P800.
4. Materials returned to the vendor two days after the purchase, 40 units, due to defective quality
5. Purchase raw materials intended specifically for a particular job, P50,000, on account.
6. Purchased raw materials , 1,000 @ 105 on account, terms: n/30. Paid freight of P2,000.
7. Issued to production department 1,500 units of which 80% is direct materials.
Required:
Problem 1: Give the journal entries to record the above transactions
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