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. O Debit Raw Materials Inventory $198,000; credit Work in Process Inventory $198,000. O 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 purchase of materials is: O Debit Raw Materials Inventory $198,000; credit Finished Goods Inventory $198,000. O Debit Raw Materials Inventory $198,000; credit Work in Process Inventory $198,000. O 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.

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Description: Please do not give solution in image format thanku 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 ofwhich $30,000 were indir

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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