Wallace Inc. uses a standard cost system and has provided the following information: 
Budgeted production = 6,000 units 
Prepare the journal entries to record the following transactions. Assume Wallace Inc. does not maintain inventories other than direct materials.
a. Purchase of direct materials on account
b. Issuance of direct materials to production
c. Incurrence of direct labor
d. Incurrence and application of variable overhead.
e. Incurrence and application of fixed overhead
Definitions:
Public Good
A public good is a good that is non-excludable and non-rivalrous, meaning it can be used by everyone freely without depleting its availability to others.
Nonrivalry
A characteristic of certain goods where the consumption by one individual does not reduce availability to others, often seen in digital or public goods.
Nonexcludability
A characteristic of certain goods where it is difficult or impossible to prevent someone from using the good once it has been provided.
Optimal Quantity
The amount of a good or service that yields the maximum benefit or utility to the consumer or producer.
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