Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198.000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the purchase of materials is: O Debit Raw Materials Inventory $198.000: credit Finished Goods Inventory $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, o Debit Work in Process Inventory $195,000: credit Raw Materials Inventory $195,000 O Debit Work in Process Inventory $198.000: credit Accounts Payable $198.000. Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198.000 of raw materials on credit; issued materials to production of $195,000 of which $30.000 were indirect. Minstrel incurred a factory payroll of $150.000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the issuance of materials to production is: o Debit Finished Goods Inventory $195,000: credit Raw Materials Inventory $195.000 O Debit Raw Materials Inventory $195,000; credit Work in Process Inventory $195,000. O Debit Work in Process Inventory $165,000: debit Factory Overhead $30.000; credit Raw Materials Inventory $195,000. Debit Raw Materials Inventory $195.000; credit Accounts Payable $195.000. o Debit Work in Process Inventory $195.000: credit Raw Materials Inventory $195.000. Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198.000 of raw materials on credit: issued materials to production of $195,000 of which $30.000 were indirect. Minstrel incurred a factory payroll of $150.000, of which $40.000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the factory payroll is: o Debit Work in Process Inventory $150.000: credit Cash $150.000. O Debit Work in Process Inventory $150,000: debit Factory Overhead $40.000; credit Factory Wages Payable $190,000. O Debit Work in Process Inventory $110.000: credit Factory Overhead $40,000: credit Factory Wages Payable $150,000. o Debit Work in Process Inventory $110.000: debit Factory Overhead $40,000; credit Factory Wages Payable $150.000. O Debit Work in Process Inventory $150,000: credit Factory Overhead $40,000: credit Factory Wages Payable $110.000
