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On November 1, Arvelo Corporation had $33,000 of raw materials on hand. During the month,...

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Accounting

On November 1, Arvelo Corporation had $33,000 of raw materials on hand. During the month, the company purchased an additional $77,000 of raw materials. During November, $93,000 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 $3,200. 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:

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