Answer the Following Question(s)using the Information Below

question 98

Multiple Choice

Answer the following question(s) using the information below.Walton Industries uses backflush costing.For March, there were no beginning inventories of direct materials and no beginning or ending work-in-process.Conversion costs is the only indirect manufacturing cost category currently used.Journal entries are recorded when actual costs are incurred, at completion of finished goods, and at sale of finished goods, under backflush costing.
-Which of the following journal entries properly records the purchase of direct materials at Walton Industries?

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Definitions:

Ribosomes

Molecular machines within cells that synthesize proteins by translating mRNA sequences into polypeptide chains.

mRNA

Messenger RNA is a type of RNA that conveys genetic information from DNA to the ribosome, where it specifies the amino acid sequence of the protein products of gene expression.

DNA Template

A strand of DNA that serves as a guide for the synthesis of complementary RNA or DNA strands.

Transcription

Process in which enzymes use DNA as a template to assemble RNA. Part of gene expression.