Author Question: The journal entry to record the materials placed into production would include a ________. ... (Read 154 times)

abc · **on:** Jul 5, 2018

The journal entry to record the materials placed into production would include a ________.

Wayland Manufacturing uses a normal cost system and had the following data available for 2010:

Direct materials purchased on account 148,000
Direct materials requisitioned 82,000
Direct labor cost incurred 130,000

Factory overhead incurred 146,000
Cost of goods completed 292,000
Cost of goods sold 256,000

Beginning direct materials inventory 26,000
Beginning WIP inventory 64,000
Beginning finished goods inventory 58,000
Overhead application rate, as a percent of direct-labor costs 125 percent

A) credit to Direct Materials Inventory for 82,000
B) debit to Direct Materials Inventory for 148,000
C) credit to WIP Inventory for 82,000
D) debit to WIP Inventory for 148,000

Question 2

Transactions are listed in the journal chronologically.
a. True
b. False

Indicate whether the statement is true or false