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Portside of raw materials on credit, issued materials to production of $164,000 of which $24,000 were indirect. Portside incurred a factory payroll of $95,000, paid
Portside of raw materials on credit, issued materials to production of $164,000 of which $24,000 were indirect. Portside incurred a factory payroll of $95,000, paid in cash, of which $25,000 was indirect labor. Portside uses a predetermined overhead rate of 170% of direct labor cost. The journal entry to record the issuance of materials to production is A. Debit Raw Materials Inventory $153,000: credit Accounts Payable $153,000. B. Debit Work in Process Inventory $140,000, debit Factory Overhead $24,000: credit Raw Materials Inventory $164,000. C. Debit Raw Materials Inventory $195,000, credit Work in Process Inventory $195,000. D. Debit Work in Process Inventory $140,000: debit Raw Materials Inventory $24,000, credit Materials Inventory $164,000. E. Debit Finished Goods Inventory $140,000: credit Raw Materials Inventory $140,000
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