Hassock Corporation produces woven wall hangings. It takes 2 hours of direct labor to produce a single wall hanging. Hassock's standard labor cost is $16 per hour. During August, Hassock produced 10,000 units and used 20,500 hours of direct labor at a total cost of $325,000. What is Hassock's labor efficiency variance for August? Multiple Choice $6,000 favorable. $11,000 unfavorable. $8,000 favorable. $8,000 unfavorable. $5,000 unfavorable. Luker Corporation uses a process costing system. The company had $161,500 of beginning Finished Goods Inventory on October 1. It transferred in $838,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $159,200. The entry to account for the cost of goods sold in October is: 30 Multiple Choice Debit Cost of Goods Sold $840,300; credit Work in Process Inventory $840,300. Debit Finished Goods Inventory $159,200; credit Cost of Goods Sold $159,200. Debit Cost of Goods Sold $840,300; credit Finished Goods Inventory $840,300. Debit Finished Goods Inventory $838,000; credit Work in Process Inventory $838,000. Debit Cost of Goods Sold $838,000; credit Finished Goods Inventory $838,000