1/ A company's beginning Work in Process inventory consisted of 32,000 units that were 80% complete with respect to direct labor. A total of 102,000 were finished during the period and 37,000 remaining in Work in Process inventory were 50% complete with respect to direct labor at the end of the period. Using the weighted-average method, the equivalent units of production with regard to direct labor were:

Multiple Choice

69,500.

120,500.

88,000.

102,000.

146,100

2/ A company's beginning Work in Process inventory consisted of 27,000 units that were 20% complete with respect to direct labor. These beginning units were completed and another 101,200 units were started during the current period. Of those started, 67,000 were finished and the remaining 34,200 were 40% complete at the end of the period. Using the weighted-average method, the equivalent units of production with regard to direct labor were:

Multiple Choice

88,600.

83,800.

111,400.

67,000.

107,680.

3/ A production department's output for the most recent month consisted of 15,000 units completed and transferred to the next stage of production and 15,000 units in ending Work in Process inventory. The units in ending Work in Process inventory were 80% complete with respect to both direct materials and conversion costs. There were 2,000 units in beginning Work in Process inventory, and they were 90% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method.

Multiple Choice

15,000 units.

27,200 units.

15,200 units.

27,000 units.

16,800 units.

4/ Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for direct material usage is:

Direct materials used	$	96,000
Direct labor used		169,000
Predetermined overhead rate (based on direct labor)		160	%
Goods transferred to finished goods		441,000
Cost of goods sold		453,000
Credit sales		819,000

Multiple Choice

Debit Raw Materials Inventory $96,000; credit Accounts Payable $96,000.

Debit Raw Materials Inventory $96,000; credit Finished Goods Inventory $96,000.

Debit Cost of Goods Sold $96,000; credit Finished Goods Inventory $96,000.

Debit Work in Process Inventory $96,000; credit Raw Materials Inventory $96,000.

Debit Work in Process Inventory $96,000; credit Cost of Goods Sold $96,000.

5/ Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $960 and sold them on credit to Percy Corporation for $1,395. The complete journal entry to be made by Wyman at the time of this sale is:

Multiple Choice

Debit Accounts Receivable $1,395; credit Sales $1,395; debit Cost of Goods Sold $960; credit Finished Goods Inventory $960.

Debit Accounts Receivable $1,395; credit Sales $435; credit Finished Goods Inventory $960.

Debit Cost of Goods Sold $1,395; credit Sales $1,395.

Debit Finished Goods Inventory $960; debit Sales $1,395; credit Accounts Receivable $1,395; credit Cost of Goods Sold $960.

Debit Accounts Receivable $1,395; debit Selling expense $960; credit Sales $1,395; credit Cost of Goods Sold $960.