BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Vision Company manufactures digital cameras. For May, there were no beginning inventories of direct materials and no beginning or ending work-in-process. Conversion costs is the only indirect manufacturing cost category currently used. Journal entries are recorded when materials are purchased and when units are sold.Which of the following journal entries properly reflects the purchase of materials under backflush costing?
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Dr Inventory Control; Cr Accounts Payable Control
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Dr Accounts Payable Control; Cr Allocated Costs:Direct Materials
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Dr Accounts Payable Control; Cr Materials Inventory
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Dr Allocated Costs:Direct Materials; Cr Inventory:Raw and Material
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Explanation:
There is 1 question to complete.