Portside watercraft uses a job order costing system. during one month portside purchased $153,000 of raw materials on credit; issued materials to production of $164,000 of which $24,000 were indirect. portside incurred a factory payroll of $95,000, paid in cash, of which $25,000 was indirect labor. portside uses a predetermined overhead rate of 170% of direct labor cost. the journal entry to record the issuance of materials to production is: debit raw materials inventory $153,000; credit accounts payable $153,000. debit raw materials inventory $195,000; credit work in process inventory $195,000. debit work in process inventory $140,000; debit factory overhead $24,000; credit raw materials inventory $164,000. debit finished goods inventory $140,000; credit raw materials inventory $140,000. debit work in process inventory $140,000; debit raw materials inventory $24,000; credit materials inventory $164,000.
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