_37. If its balance is immaterial or insignificant, to what account is the Factory Overhead account closed at the end of the period? A. Cost of Goods Sold B. Finished Goods Inventory C. Raw Materials Inventory D. Work in Process Inventory 38. Beginning work in process was $4,500. Direct materials used were $45.000, direct labor used was $25.000, and Factory overhead applied was $15,000, Ending work in process inventory was 59.500. What is the cost of goods manufactured (cost of jobs completed and transferred out)? A. $67,000 B. $80,000 C. $85.000 D. $94,000 Chapter 16: Process Costing and Analysis 39. Which of the followine products is most likely produced in a process cost operation? A Luxury yachts B. Tennis balls C. Tennis courts D. Wedding invitations 40. The following refers to units processed in a process cost operation. What are the total equivalent units of production for conversion costs using the weighted average method? Percent of Units Conversion 60% 20,000 Beginning work in process 100% 30,000 Goods started 100% 40,000 Goods completed 40% 10,000 Ending work in process A. 32,000 B. 36,000 C. 40,000 D. 44,000 hecinning inventory cost includes $30,000 of conversion costs. The department tunits of production for conversion total 40,000