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 $107,000
Direct labor used $180,000
Predetermined overhead rate (based on direct labor) 163%
Goods transferred to finished goods $452,000
Cost of goods sold $464,000
Credit sales $1,010,000
a. Debit Raw Materials Inventory $87,000; credit Accounts Payable $87,000.
b. Debit Raw Materials Inventory $87,000; credit Finished Goods Inventory $87,000.
c. Debit Cost of Goods Sold $87,000; credit Finished Goods Inventory $87,000.
d. Debit Work in Process Inventory $87,000; credit Raw Materials Inventory $87,000.
e. Debit Work in Process Inventory $87,000; credit Cost of Goods Sold $87,000.
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