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On August 1, Shead Corporation had $34,800 of raw materials on hand. During the month,...

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Accounting

On August 1, Shead Corporation had $34,800 of raw materials on hand. During the month, the company purchased an additional $79,500 of raw materials. During August, $85,600 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 $7,000. 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 August total:

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