Exercise T4-1 Swifty WaterWorks manufactures snorkel gear. During the past month, Swifty purchased 4,200 pounds...
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Exercise T4-1 Swifty WaterWorks manufactures snorkel gear. During the past month, Swifty purchased 4,200 pounds of plastic to use in its dive masks, at a cost of $7,140. The standard price for the plastic is $1.50 per pound, and each mask requires /4 pound of plastic. The company actually used 4,100 pounds of the plastic to produce 16,260 dive masks. (a) Prepare the journal entry to record the purchase of plastic during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit To record the purchase of plastic) (b) Prepare the journal entry to record the use of plastic during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit To record the use of plastic)
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