EXERCISE 2-7. Recording Material Cost in Job-Order Costing [LO 2,4] Five material requisitions (MR) forms...

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EXERCISE 2-7. Recording Material Cost in Job-Order Costing [LO 2,4] Five material requisitions (MR) forms were received by the materials storeroom of the Saint Louis Foundry during the first week of 2014. MR101 was for $250 of direct materials for job number 1501. MR102 was for $350 of direct materials for job number 1502. MR103 was for $100 of indirect materials issued to the factory floor. MR 104 was for $400 of direct materials issued to job number 1501. MR105 was for $500 of direct materials issued to job number 1503.Prepare summary jounral entries to record issuance is these materials( Hint there should be a seperate journal entry gor direct and indirect materials

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