Which one is NOT correct? Multiple Choice O Journal entry to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storero produces Dr) Direct Materials Indirect Materials 40,000 10,000 Cr) Raw Materials 50,000 Depreciation on equipment a company uses in its selling and administrative activities would be classified as a period cost Journal entry to record depreciation on factory equipment Dr) Manufacturing Overhead XXX C) Accumulated Depreciation XXX Conversion cost is the sum of direct labor cost and manufacturing overhead cost