QUESTION 33 Olson Corporation constructs new homes. Assume that Olson uses a job costing system. During May 2010, the following transactions occurred: Olson purchased $4,500 of lumber on account Olson used 3,750 of lumber in production and incurred 50 hours of direct labor hours at $20 per hour. Depreciation of $1,500 on equipment used to build new houses was recorded A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash. debit to Work-in-Process of $800. Odebit to Wages Payable of $800. credit to Finished Goods of $750. debit to Work-in-process of $750. QUESTION 33 Olson Corporation constructs new homes. Assume that Olson uses a job costing system. During May 2010, the following transactions occurred: Olson purchased $4,500 of lumber on account Olson used 3,750 of lumber in production and incurred 50 hours of direct labor hours at $20 per hour. Depreciation of $1,500 on equipment used to build new houses was recorded A house that was completed last period at a cost of $150,000 was sold for $180,000 in cash. debit to Work-in-Process of $800. Odebit to Wages Payable of $800. credit to Finished Goods of $750. debit to Work-in-process of $750