Tulip IncUses Standard Costing,and Its Manufacturing Standards Are as Follows: 2

Multiple Choice

Tulip Inc.uses standard costing,and its manufacturing standards are as follows: 2 pounds of materials at $13 per pound,and 3 hours of labor at $10 per hour.Budgeted production last period was 5,000 units,and actual production and sales was 4,800 units.Last period,Tulip purchased and used 9,800 pounds of materials for $135,000,and used 15,000 labor hours,costing $145,000.What is the journal entry to record the transfer of materials to the Cost of Goods Sold account?

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