5 Hornsby has a single production department, and uses a process-costing system. The balance in its Work-in-Process account on January 1 was $68,000. The account was charged with direct materials, direct labor, and manufacturing overhead of $450,000 throughout the year. If a review of the accounting records determined that $86,000 of goods were still in production at year-end, Hornsby should make a journal entry on December 31 that includes: 01. O a debit to Finished-Goods Inventory for $86,000. 02. O a debit to Cost of Goods sold for $432,000. 03. O a debit to Work-in-Process Inventory for $432,000. 04. O a credit to Work-in-Process Inventory for $86,000. 05. a debit to Finished-Goods Inventory for $432,000. 9 Oxford, Inc., which uses a process-cost accounting system, began operations on January 1 of the current year. The company incurs conversion cost evenly throughout manufacturing. If Oxford started work on 3,000 units during the period and these units were 70% of the way through manufacturing, it would be correct to say that the company has: 01. 900 equivalent units of production. 02. 900 in-process units. 03. O 2,100 completed units. 04. O 3,000 equivalent units of production. 05. O 3,000 physical units in production