Dazzle, Inc. produces beads for jewelry making use. The following information su

Question

Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations and sales activities for June. The journal entry to record June sales is:

Multiple Choice

Debit Accounts Receivable $817,200; credit Sales $369,200; credit Finished Goods Inventory $448,000.

Debit Accounts Receivable $817,200; credit Cost of Goods Sold $817,200.

Debit Accounts Receivable $817,200; credit Sales $817,200; debit Cost of Goods Sold $448,000; credit Finished Goods Inventory $448,000.

Debit Cost of Goods Sold $448,000; credit Sales $448,000.

Debit Finished Goods Inventory $448,000; debit Sales $817,200; credit Accounts Receivable $817,200; credit Cost of Goods Sold $448,000.

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 overhead allocation is:

Multiple Choice

Debit Work in Process Inventory $178,000; credit Factory Overhead $178,000.

Debit Work in Process Inventory $178,000; credit Cash $178,000.

Debit Work in Process Inventory $178,000; credit Factory Payroll $178,000.

Debit Work in Process Inventory $286,580; credit Factory Overhead $286,580.

Debit Factory Overhead $286,580; credit Cash $286,580.

Metaline Corp. uses the weighted average method for inventory costs and had the following information available for the year. Calculate the equivalent units of production for the year:

Multiple Choice

4,400 units.

3,700 units.

4,015 units.

3,815 units.

3,740 units.

Direct materials used $ 100,000 Direct labor used $ 183,900 Predetermined overhead rate (based on direct labor) 105 % Goods transferred to finished goods $ 436,000 Cost of goods sold $ 448,000 Credit sales $ 817,200

Explanation / Answer

1 Debit Accounts Receivable $817,200; credit Sales $817,200; debit Cost of Goods Sold $448,000; credit Finished Goods Inventory $448,000. 2 Debit Work in Process Inventory $286,580; credit Factory Overhead $286,580.(178000*161%) 3 Equivalent units of production = 250+(3700-450)+(450*70%)= 3815

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