Reference no: EM132633660
Question 1: Hammett has a single production department, and uses a process-costing system. The balance in its Work-in-Process account on January 1 was $68,000. The account was charged with direct materials, direct labor, and manufacturing overhead of $450,000 throughout the year. If a review of the accounting records determined that $86,000 of goods were still in production at year-end, Hammett should make a journal entry on December 31 that includes:
A. a debit to Cost of Goods Sold for $432,000.
B. a debit to Finished-Goods Inventory for $432,000.
C. a debit to Work-in-Process Inventory for $432,000.
D. a debit to Finished-Goods Inventory for $86,000.
E. a credit to Work-in-Process Inventory for $86,000.
Question 2: Barrett Corporation had 6,500 units of work in process on April 1. During April, 19,100 units were completed and as of April 30, 5,100 units remained in production. How many units were started during April?
A. 11,600.
B. 17,700.
C. 20,500.
D. 30,700.
E. None of the other answers are correct.
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