Figure 5-11

question 49

Multiple Choice

Figure 5-11.Olson Corporation constructs new homes. Assume that Olson uses a job costing system. During May of the current year, the following transactions occurred:
Olson purchased $4,500 of lumber on account.Olson used $3,750 of lumber in production and incurred 50 hours of direct labor hours at $15 per hour.Depreciation of $1,500 on equipment used to build new houses was recorded.A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash.
-Refer to Figure 5-11. The journal entry to record the requisition of lumber for Olson would include a

• A) debit to Work-in-Process of $4,500.
• B) debit to Materials Inventory of $3,750.
• C) credit to Finished Goods of $3,750.
• D) debit to Work-in-Process of $3,750.

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Definitions:

Generalized Other

A concept in sociology referring to the common behavioral expectations and attitudes adopted by individuals in society as a basis for understanding the perspectives of others.

Internalize

The psychological process of absorbing and integrating beliefs, values, standards, or norms into one's own personality or consciousness.

Hidden Curriculum

The unwritten, unofficial, and often unintended lessons, values, and perspectives that students learn in school, beyond the formal content of their courses.

Gender Roles

are societal norms dictating the behaviors, attitudes, and actions considered appropriate for individuals based on their perceived sex.