Debit Raw Materials Inventory $97,000; credit Accounts Payable $97,000. Debit Raw Materials Inventory $97,000; credit Finished Goods Inventory $97,000. Debit Cost of Goods Sold \$97,000; credit Finished Goods Inventory $97,000. Debit Work in Process Inventory $97,000; credit Raw Materials Inventory $97,000. Debit Work in Process Inventory $97,000, credit Cost of Goods Sold $97,000. Cycling Corporation identified the following budgeted data for this year. The company produces two types of bicycles. Recreational and Racing. The company allocates overhead cost based on 10,000 budgeted direct labor hours. The Recreational bicycle uses 5 direct labor hours per unit, and the Rocing bicycle uses 10 direct labor hours per unit. Overhead cost per unit for the Racing bicycle is: Muttiple Choice $2.960. Dazzle, incorporated produces beads for jeweiry making use. The following information summarizes production operations for June. The journal entry to record June production activities for direct material usage is: Muttiple Choice Debit Raw Moteriels Inventory $97,000, credit Accounts Payable $97,000 Which of the following statements is true with regard to activity-based costing? Multiple Choice The basic principle underlying activity-based costing is that activities are what cause overhead cost to be incurred. Activity-based costing rates are the same as departmental overhead rates. Activity rates are computed by dividing budgeted activity usage by budgeted activity cost