A. Cost of goods sold and finished goods. B. Finished goods and goods in process. C. Goods in process, finished goods, and cost of goods sold. D. Goods in process. E. Raw materials, goods in process, and finished goods. 16 A department had 12,500 units that were 20% complete in beginning Goods in Process Inventory. During werent period, 60,000 units were transferred in. Ending Goods in Process Inventory was 15,000 units that mare 70% complete. Assume this company uses the weighted-average method of process costing and direct material is added uniformly throughout the process. What are the equivalent units produced with respect to direct material? (Show work on this test paper) A. 65,500 B. 57,500 C. 37,000 D. 47,500 E. 68,000 17. The purchase of raw materials on account in a process costing system is recorded with a: (Analytical- Showing Work Not Required) A. Debit to Purchases and credit to Cash. B. Debit to Purchases and a credit to Accounts Payable. C. Debit to Raw Materials Inventory and a credit to Accounts Payable. D. Debit to Accounts Payable and a credit to Raw Materials Inventory. E. Debit to Goods in Process Inventory and a credit to Accounts Payable 18. Which of the following pair of journal entries correctly records the current month's activity where the company had $42,060 in total factory labor costs that were paid in cash with $32,400 of this total for direct labor? (Analytical-Showing Work Not Required) A. Factory Payroll Cash 42,060 42,060 Wage Expense 32,400 Factory Overhead 9,660 Factory Payroll 42,060 B. Factory Payroll 42,060 Cash 42,060 Goods in Process Inventory 32,400 Wage Expense 9,660 Factory Payroll 42,060 C. Cash 42,060 Factory Payroll 42,060 Goods in Process Inventory 32,400 Factory Overhead 9,660 Factory Payroll 42,060