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Problem - Raw Materials Inventory Journal Entries. The balance in Sly Company's raw materials inventory account was $45,000 at the beginning of April. Raw materials purchased during the month totaled $55,000. Sly used $48,000 in direct materials and $14,000 in indirect materials for the month.
Required - Prepare separate journal entries to record the following items:
Raw materials purchased for the month, assuming all purchases were on account
The transfer of direct materials into production
The transfer of indirect materials into production
Prepare a T-account for raw materials inventory and include the beginning balance for April. Post the appropriate items from the journal entries in requirement a to this account, and calculate the ending balance in raw materials inventory.
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