The following production data were taken from the records of the finishing department for June: Inventory in process, June 1, 25% completed Transferred to finished goods during June Equivalent units of production during June 1,500 units 5,000 units 5,200 units Determine the number of equivalent units of production in the June 30, finishing department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs. a. 200 units b. 575 units C. 300 units d. 1,000 units Which of the following is an example of a factory overhead cost? factory heating and lighting cost insurance premiums on salespersons' automobiles repair and maintenance cost on the administrative building president's salary Department Shad no work in process at the beginning of the period. It added 12,000 units of direct materials during the period at a cost of $84,000; 9,000 units were completed during the period; and 3,000 units were 30% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. Direct labor was $49,500 and factory overhead was $9,900 The total conversion costs for the period were a. $49,500 b. $59,400 c. $143,400 d. $9,900 Which of the following is not a characteristic of useful managerial accounting reports? IFRS-adhering accurate prepared as needed historical and estimated data Selected accounts with amounts omitted are as follows Work in Process 275,000 Aug. 31 Goods finished 1,030,000 Aug. 1 31 31 31 Balance Direct materials Direct labor Factory overhead 450,000 Aug. 1-31 Costs incurred 15,000 Factory Overhead 145,000 Aug. 1 Balance 31 Applied (30% of direct labor cost) If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August? a. $580,000 b. $390,000 c. $525,000 d. $170,000