A manufacturer reports the following costs to produce 14,000 units in its first year of operations direct materials, $14 per unit, direct labor, $10 per unit, variable overhead, $154,000, and fixed overhead, $224,000. Of the 14,000 units produced. 12,900 were sold, and 1100 remain In Inventory at year-end. Under variable costing, the value of the Inventory is: Multiple Choice $26,400. $38,500 O S56100 $44,000 $27,500 Bryant Manufacturing produces its product in two sequential processing departments. During October, the first process finished and transferred 324,000 units of its product to the second process. Of these units, 72,000 were in process at the beginning of the month and 252,000 were started and completed during the month. At month-end, 52,000 units were in process. Using the FIFO method, compute the number of equivalent units of production for direct materials for the process assuming that beginning work in process inventory is 60% complete for direct materials cost and ending Inventory is 20% complete for direct materials cost. Multiple Choice 363,200. 334,400 320,000 305,600 Luker Corporation uses a process costing system. The company had $178,500 of beginning Finished Goods Inventory on October 1. It transferred in $855,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $176,200. The entry to account for the cost of goods sold in October is: Multiple Choice Debit Cost of Goods Sold $855,000 credit Finished Goods Inventory $855.000 Debit Cost of Goods Sold 5857,300; credit Work in Process Inventory $857.300 Debit Finished Goods Inventory $855,000 credit Work in Process Inventory $855.000 Debit Finished Goods Inventory $176.200: credit Cost of Goods Sold $176,200. Debit Cost of Goods Sold $857,300, credit Finished Goods Inventory $157,300