A Firm That Has Implemented JIT Had the Following Transactions

A firm that has implemented JIT had the following transactions:
1) Materials were purchased on account for $40,000.
2) Materials were placed into production.
3) Actual direct labor costs were $6,000.
4) Actual overhead costs were $40,000.
5) Conversion costs applied were $42,000.
6) All work was completed for the month.
7) All completed work was sold.
8) The variance is recognized.
What will be the entry to record material purchases using the traditional approach?

A) Materials and In Process Inventory 40,000
Accounts Payable 40,000
B) Materials Inventory 40,000
Accounts Payable 40,000
C) Accounts Payable 40,000
Materials and In Process Inventory 40,000
D) Accounts Payable 40,000
Materials Inventory 40,000