A materials requisition slip showed that direct materials requested were $58,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is
A) Work In Process Inventory 58,000
Raw Materials Inventory 58,000
B) Direct Materials 58,000
Indirect Materials 9,000
Work in Process Inventory 67,000
C) Manufacturing Overhead 67,000
Raw Materials Inventory 67,000
D) Work In Process Inventory 58,000
Manufacturing Overhead 9,000
Raw Materials Inventory 67,000

A materials requisition slip showed that direct materials requested were $58,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is

D) Work In Process Inventory            $58,000

     Manufacturing Overhead              $9,000

    Raw Materials Inventory              $67,000

Gannon Company had the following information at December 31:

Finished goods inventory, January 1 $ 30,000

Finished goods inventory, December 31 90,000

If the cost of goods manufactured during the year amounted to $1,260,000 and annual sales were $1,650,000, the amount of gross profit for the year is

  C) $450,000

Sales                                                              $1,650,000

Cost of goods sold

Cost of goods manufactured   $1,260,000

Add: Beginning FG inventory       $30,000

Goods available for sale         $1,290,000

Less : Ending FG inventory         $90,000           $1,200,000

Gross profit                                                        $450,000

Explanation:

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