Exhibit 4-1 Silva Coporation uses the weighted average process costing method. The Mixing Department at Silva had 17,000 units in beginning inventory. These units contained $70,000 in direct materials, $80,000 in direct labor, and $60,000 in overhead. During the period, the department incurred costs of $320,000 in direct materials, $400,000 in direct labor and $200,000 in overhead and started 80,000 units. Ending inventory consisted of 6,000 units which were 100% complete with respect to direct materials and 50% complete with respect to direct labor and overhead.

Refer to Exhibit 4-1. What is the cost per equivalent unit for direct labor (rounded to the nearest cent)?

Group of answer choices

$5.28

$5.11

$4.94

$0.86

Diaz Company uses process costing in its two processing departmentsAssembly and Finishing. If completed goods with a cost of $62,000 are sold, which one of the following journal entries would be made to record this transaction?

Group of answer choices

Cost of Goods Sold 62,000

Finished Goods Inventory 62,000

Cost of Goods Sold 62,000

Sales Revenue 62,000

WIP Inventory Assembly 62,000

WIP Inventory - Finishing 62,000

Finished Goods Inventory 62,000

Cost of Goods Sold 62,000