On January 1, Schaf Corporation had $23,000 of raw materials on hand. During the month, the company purchased an additional $54,000 of raw materials. During January, $50,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the purchase of raw materials would include a:
A. credit to Raw Materials of $54,000
B. credit to Raw Materials of $73,000
C. debit to Raw Materials of $54,000
D. debit to Raw Materials of $73,000
Answer: C
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