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Olson Corporation constructs new homes. Assume that Olson uses a job costing system. During May...

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Accounting

Olson Corporation constructs new homes. Assume that Olson uses a job costing system. During May of the current year, the following transactions occurred:

Olson purchased $4,500 of lumber on account.

Olson used $3,750 of lumber in production and incurred 50 hours of direct labor hours at $15 per hour.

Depreciation of $1,500 on equipment used to build new houses was recorded.

A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash.

The transaction to record labor for Olson would include a (an):

Decrease to Finished Goods of $750

Decrease to Wages Payable of $750

Increase to Finished Goods of $750

Increase to Work-in-Process of $750

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