Tulip Incorporated uses standard costing, and its manufacturing standards are as follows: 9.5 pounds of...
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Accounting
Tulip Incorporated uses standard costing, and its manufacturing standards are as follows: 9.5 pounds of materials at $10.0 per pound, and 18 hours of labor at $8.5 per hour. Budgeted production last period was 6,500 units, and actual production was 4,050 units. Last period, Tulip purchased and used 47,300 pounds of materials for $243,000, and used 90,000 labor hours, costing $160,000. What is the journal entry to record direct labor costs to the Work in Process Inventory account?
Multiple Choice
A
Work in Process Inventory
619,650
Direct Labor Rate Variance
145,350
Direct Labor Efficiency Variance
605,000
Wages Payable
160,000
B
Work in Process Inventory
619,650
Wages Payable
619,650
C
Work in Process Inventory
619,650
Direct Labor Efficiency Variance
145,350
Direct Labor Rate Variance
605,000
Wages Payable
160,000
D
Work in Process Inventory
160,000
Wages Payable
160,000
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