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Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for goods transferred from production to finished goods is Direct materials used Direct labor used Predetermined overhead rate (based on direct labor) Goods transferred to finished goods Cost of goods sold Credit sales $87,000 160,000 155% 432,000 444,000 810,000 Multiple Choice Debit Finished Goods Inventory $432,000; credit Work in Process Inventory $432,000 Debit Work in Process Inventory $444,000; credit Finished Goods Inventory $444,000. Debit Work in Process Inventory $432,000; credit Finished Goods Inventory $432,000 A company that applies process costing is most frequently characterized by Multiple Choice Low standardization and high production volume. Custom orders and mass production. Repetitive production and unique products. Repetitive production and low production volume. Similar products and high production volume. During November, the production department of a process operations system completed and transferred to finished goods 35,000 units that were in process at the beginning of November and 110,000 units that were started and completed in November. November's beginning inventory units were 100% complete with respect to materials and 55% complete with respect to conversion. At the end of November, 40,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to conversion. Compute the number of equivalent units with respect to materials for November using the weighted-average method. Multiple Choice 145,000 40,000. 105,000 112,000 185,000 Luker Corporation uses a process costing system. The company had $160,500 of beginning Finished Goods Inventory on October 1. It transferred in $837,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $158,200. The entry to account for the cost of goods manufactured during October is: Multiple Choice Debit Cost of Goods Sold $837000; credit Finished Goods Inventory $837,000 Debit Cost of Goods Sold $839,300, credit Work in Process $839,300 Debit Finished Goods Inventory $837,000; credit Work in Process Inventory $837,000. Debit Finished Goods Inventory $158,200; credit Cost of Goods Sold $158,200. Debit Cost of Goods Sold $839,300; credit Finished Goods Inventory $839,300. In a process costing system, when manufacturing overhead costs are applied to the cost of production, they are debited to: Multiple Choice the Finished Goods Inventory account. the Cost of Goods Sold account the Work in Process Inventory account. the Manufacturing Overhead account. the Raw Materials Inventory account. In a process operation, the direct labor of a production department includes Multiple Choice All labor used exclusively by that department, even if the labor is not applied to the product itself. All labor used exclusively by that department, but only if the labor is applied to the product itself. All labor for that department, including labor for services that help more than one production department, such as clerical, repair, and computer technicians. Only labor that helps more than one production department, such as clerical, repair, and computer technicians. Only labor that relates to goods finished during the period. In a process costing system, direct material costs incurred are recorded: Multiple Choice Indirectly to a Work in Process Inventory account from Factory Overhead. Indirectly to a Finished Goods Inventory account from Factory Overhead Directly to a Work in Process Inventory account Directly to a Finished Goods Inventory account. Directly to a Cost of Goods Sold account Following is a partial process cost summary for Mitchell Manufacturing's Canning Department. Equivalent Units of Production Units Completed and transferred out Units in Ending Work in Process: irect Materials Conversion 50,000 15,000 65,000 50,000 Direct Materials (15,000 * 100%) Conversion (15,000 * 80%) Equivalent Units of Production 12,000 62,000 Cost per Equivalent Unit Costs of beginning work in process Costs incurred this period Total costs Cost per equivalent unit 40,500 136,000 $176,500 $ 59,700 183,100 $242,800e $ 3.92 per E $ 2.71 per EUP The total conversion costs transterred out of the Canning Department equals Multiple Choice $243,040 $242,800 Costs ihcurred this per1od Total costs Cost per equivalent unit $176,500 $ 2.71 per EUP $242,800 $ 3.92 per El The total conversion costs transferred out of the Canning Department equals: Multiple Choice $243,040 $242,800 $183,100. $176,150 $196,000 After posting all actual factory overhead and applying factory overhead to production departments in a process costing system, Multiple Choice 0 there will never be underapplied overhead. there will never be overapplied overhead. there will always be underapplied overhead there will always be overapplied overhead. there may be over or underapplied overhead Wilturner Company incurs $97,000 of labor related directly to the product in the Assembly Department, and $10,000 of labor for services that help production in both the Assembly and Finishing departments. The amount of direct labor and factory overhead respectively are: Multiple Choice $74,000 and $33,000. $97,000 and $10,000. $84,000 and $23,000. $107000 and SO. $74,000 and $10,000