On November 1, Arvelo Corporation had $35,500 of raw materials on hand. During the month,...
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On November 1, Arvelo Corporation had $35,500 of raw materials on hand. During the month, the company purchased an additional $74,500 of raw materials. During November, $88,000 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 $3,700. Prepare journal entries to record these events. Use those journal entries to answer the following questions: The credits to the Raw Materials account for the month of November total: Multiple Choice $88,000 $74,500 $35,500 $110,000
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