Wayland Manufacturing uses a normal cost system and had the following data available for 20x4....
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Wayland Manufacturing uses a normal cost system and had the following data available for 20x4.
Direct materials purchased on account$ 74,000
Direct materials requisitioned41,000
Direct labor cost incurred65,000
Factory overhead incurred73,000
Cost of goods completed146,000
Cost of goods sold128,000
Beginning direct materials inventory13,000
Beginning WIP inventory32,000
Beginning finished goods inventory29,000
Overhead application rate, as a percent of direct-labor costs125 percent
27.The journal entry to record the materials placed into production would include a
a.credit to Direct Materials Inventory for $41,000.
b.debit to Direct Materials Inventory for $74,000.
c.credit to WIP Inventory for $41,000.
d.debit to WIP Inventory for $74,000.
Wayland Manufacturing uses a normal cost system and had the following data available for 20x4.
Direct materials purchased on account$ 74,000
Direct materials requisitioned41,000
Direct labor cost incurred65,000
Factory overhead incurred73,000
Cost of goods completed146,000
Cost of goods sold128,000
Beginning direct materials inventory13,000
Beginning WIP inventory32,000
Beginning finished goods inventory29,000
Overhead application rate, as a percent of direct-labor costs125 percent
27.The journal entry to record the materials placed into production would include a
a.credit to Direct Materials Inventory for $41,000.
b.debit to Direct Materials Inventory for $74,000.
c.credit to WIP Inventory for $41,000.
d.debit to WIP Inventory for $74,000.
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