Answered step by step
Verified Expert Solution
Question
1 Approved Answer
12. with solutions please D Question 12 1 pts Nicolas Manufacturing uses a job order costing system. During one month Nicolas purchased $198,000 of raw
12. with solutions please
D Question 12 1 pts Nicolas Manufacturing uses a job order costing system. During one month Nicolas purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Nicolas incurred a factory payroll of $150,000, paid in cash, of which $40,000 was indirect labor. Nicolas uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the purchase of materials is: Debit Work in Process Inventory $195,000; credit Raw Materials Inventory $195,000 Debit Work in Process Inventory $198,000; credit Accounts Payable $198,000 Debit Raw Materials Inventory $198,000; credit Work in Process Inventory $198,000. Debit Raw Materials Inventory $198,000; credit Accounts Payable $198,000 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started