During July, Morris Corporation purchased $76,000 of raw materials on credit to add to its raw materials inventory. A total of $81,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $5,000 of indirect materials.Required:Prepare journal entries to record the purchase of materials and their use in production.
What will be an ideal response?
| Materials Inventory | 76,000 | |
| Accounts Payable | 76,000 | |
| Work-in-Process Inventory | 76,000 | |
| Manufacturing Overhead | 5,000 | |
| Materials Inventory | 81,000 |
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