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Which account is debited in record raw materials requisition

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Question: 1. In job order cost accounting, which account is debited in recording a raw materials requisition?

(a) Raw Materials Inventory,

(b) Raw Materials Purchases,

(c) Goods in Process Inventory if for a job, or

(d ) Goods in Process Inventory if they are indirect materials.

2. A company allocates overhead at a rate of 140% of direct labor cost. Actual overhead cost for the current period is $745,000, and direct labor cost is $500,000. Prepare the entry to close over- or underapplied overhead to cost of goods sold.

Reference no: EM131536290

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