(SOLVED) Norton Industries purchased direct materials costing 800 000 during the current


Question Description:

$19

Norton Industries purchased direct materials costing $800,000 during the current period. It actually used only $725,000 of direct materials on jobs during the period.
a. Prepare the summary journal entry to record direct materials purchased during the period. Assume that all purchases are made on account.
b. Prepare the summary journal entry to record all direct materials used during the period.

Answer

$19