Olson Corporation constructs new homes. Assume that Olson uses a job costing sy

Olson Corporation constructs new homes. Assume that Olson uses a job costing system. During May 2011 the following transactions occurred: Olson purchased $4500 of lumber on account. Olson used $3750 of lumber in production and incurred 50 hours of direct labor hours at $15 per hour. Depreciation of $1500 on equipment used to build new houses was recorded. A house that was completed last period at a cost of $150000 was sold for $180000 in cash. Refer to Figure 5-3. The journal entry to record the requisition of lumber for Olson would include a Select one: a. debit to Work-in-Process of $4500. b. debit to Materials Inventory of $3750. c. credit to Finished Goods of $3750. d. debit to Work-in-Process of $3750.