Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for direct material usage is: Direct materials used$87,000 Direct labor used 160,000 Predetermined overhead rate (based on direct labor) 155%Goods transferred to finished goods 432,000 Cost of goods sold 444,000 Credit sales 810,000
A. Debit Work in Process Inventory $87,000; credit Raw Materials Inventory $87,000.
B. Debit Work in Process Inventory $87,000; credit Cost of Goods Sold $87,000.
C. Debit Raw Materials Inventory $87,000; credit Finished Goods Inventory $87,000.
D. Debit Cost of Goods Sold $87,000; credit Finished Goods Inventory $87,000.
E. Debit Raw Materials Inventory $87,000; credit Accounts Payable $87,000.
Answer: A
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