Reference no: EM132633656
Question 1: Masterson, Inc., which uses a process-cost accounting system, passes completed production from Department A to Department B for further manufacturing. The journal entry to record completed production in Department A requires:
A. a debit to Work-in-Process Inventory and a credit to Finished-Goods Inventory.
B. a debit to Finished-Goods Inventory and a credit to Work-in-Process Inventory.
C. a debit to Finished-Goods Inventory and a credit to Work-in-Process Inventory: Department A.
D. a debit to Work-in-Process Inventory: Department A and a credit to Work-in-Process Inventory: Department B.
E. a debit to Work-in-Process Inventory: Department B and a credit to Work-in-Process Inventory: Department A.
Question 2: Griswold, Inc., which uses a process-costing system, transfers completed production from Department no. 1 to Department no. 2 for further work. Which of the following best describes the account that would be debited to record this transfer?
A. Cost of Goods Transferred.
B. Finished-Goods Inventory: Department no. 1.
C. Finished-Goods Inventory: Department no. 2.
D. Work-in-Process Inventory: Department no. 1.
E. Work-in-Process Inventory: Department no. 2.
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