The Dixon Company begins the budget period with 20 pounds in Materials Inventory costing $1.50 per pound, for a total of $30. The company will purchase 100 pounds of materials costing $1.60 per pound, for a total of $160. The company has budgeted a transfer of 90 pounds of materials into production. Using FIFO flow, these cost $142. The $142 cost should be recorded on the left inner column of Materials inventory and the right inner column of work in process inventory. the left inner column of Materials inventory and the right inner column of Accounts payable the left inner column of Accounts payable and the right inner column of Materials inventory the left inner column of Work in process inventory and the right inner column of Materials