Wallace Inc

question 2

Essay

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 (production is equal to sales).
a.Purchase of direct materials on account
b.Usage of direct materials
c.Incurrence of direct labor
d.Incurrence and application of variable overhead
e.Incurrence and application of fixed overhead

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Definitions:

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