$1.$ Lydia Corporation had $$15,000$ of raw materials on hand at the beginning of the month. During the month, the Corporation purchased an additional $$60,000$ of raw materials and used $$70,000$ of raw materials in production. The journal entry to record the usage of raw materials in production would include a:

Multiple Choice

debit to Raw Materials of $$70,000$

credit to Raw Materials of $$70,000$

debit to Work in Process of $$75,000$

credit to Raw Materials of $$75,000$

$2.$Daniel Corporation has provided the following contribution format income statement. Assume that the following information is within the relevant range.

Sales $(8,000$ units$)$

$$320,000$

Variable expenses

$$240,000$

Contribution margin

$$80,000$

Fixed expenses

$$60,000$

Net operating income

$$20,000$

The variable expense ratio is closest to:

$3.$Lucio Inc., a manufacturing Corporation, has provided the following data for the month of June. The balance in the Work in Process inventory account was $$25,000$ at the beginning of the month and $$17,000$ at the end of the month. During the month, the Corporation incurred direct materials cost of $$50,000$ and direct labor cost of $$30,000.$ The actual manufacturing overhead cost incurred was $$47,000.$ The manufacturing overhead cost applied to Work in Process was $$45,000.$ The cost of goods manufactured for June was:

$4.$ Jonathan Corporation uses the weighted$-$average method in its process costing system. Operating data for the Painting Department for the month of August appear below:

Units

Percent Complete with

Respect to Conversion

Units transferred out to the next processing department

$93,000$

Ending work in process inventory

$1,000$

$60\%$

What were the equivalent units for conversion costs in the Painting Department for the month of August?