Lexie's Fab Widgets produces just one variety of widget - The Fab. This widget is made in one process - Department #1. They apply factory overhead on direct labor dollars. At the beginning of the year, they had estimated that factory overhead for the year would be $3,000,000 and direct labor costs would be $6,000,000. At the end of each month (contrary to what we have learned in class) over-or-under applied factory overhead is written off entirely to cost of Goods Sold. Finished Goods inventory at the beginning of September was zero. Work in Process at the beginning of September was $80,000 (DM $48,000 and CC of $32,000) consisting of 20,000 units. Those units were 60% complete as to direct materials and 40% as to conversion. During September 110,000 widgets were started During September the following transactions occurred: 1. $500,000 of raw materials were purchased on account and later paid. 2. $420,000 of direct materials and $28.800 of indirect materials were used in production. 3. $300,000 of direct labor and $70,000 of indirect labor were used in production. 4. $41,000 of factory overhead was incurred on account and later paid. 5. Factory depreciation in September was $4,200. 6. Selling and administrative expenses incurred and paid were $302,400 in the process of selling 80,000 units (at $15 per unit) At the end of September there were 40,000 units in ending Work in Process that were 75% complete as to direct materials and 25% complete as to conversion. The cost per entire unit made in September and transferred to Finished Goods is $ Vaughan Company had the following information available regarding its only product during 2021 for Department #1: (The process has 3 departments) Direct Materials Conversion 30,000 30,000 Equivalent Units of Production Units Completed and transferred out Units in Ending Work In Process 20,000 units Direct Materials (50% complete) Conversion Costs (80% complete) Equivalent Units of Production 10.000 16,000 40,000 units 46,000 units Cost per Equivalent Unit: $3.50 per unit $3.00 per unit When Vaughan transferred the completed units to Department #2, the journal entry they recorded debited the appropriate department's WIP account $ $275,000 O $260.000 $299,000 O $195,000 none of the choices are correct Vaughan Company had the following information available regarding its only product during 2021 for Department #1: (The process has 3 departments) Direct Materials Conversion 50,000 50,000 Equivalent Units of Production Units Completed and transferred out Units in Ending Work In Process 20,000 units Direct Materials (80% complete) Conversion Costs (50% complete) Equivalent Units of Production 16,000 10,000 60,000 units 66,000 units Cost per Equivalent Unit: $2.50 per unit $1.15 per unit At the end of the year Vaughan Company's Department #1 WIP account will have a balance of $73,000 True False