Minstrel Manufacturing Uses a Job Order Costing System

question 103

Multiple Choice

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:

• A)Debit Raw Materials Inventory $198,000; credit Accounts Payable $198,000.
• B)Debit Work in Process Inventory $198,000; credit Accounts Payable $198,000.
• C)Debit Raw Materials Inventory $198,000; credit Work in Process Inventory $198,000.
• D)Debit Work in Process Inventory $195,000; credit Raw Materials Inventory $195,000.
• E)Debit Raw Materials Inventory $198,000; credit Finished Goods Inventory $198,000.

---

Definitions:

Data Breaches

Unauthorized access and theft of sensitive, confidential, or protected data, such as personal information, intellectual property, or trade secrets.

CEOs

Chief Executive Officers, the highest-ranking person in a company or other institution, ultimately responsible for making managerial decisions.

Lack of Management Support

A situation where organizational leaders do not provide adequate assistance, resources, or approval for initiatives and projects.

Internet Of Things

A network of physical objects embedded with sensors, software, and other technologies, enabling them to connect and exchange data.