Wyman Corporation uses a process costing system. The companymanufactured certain goods at a cost of $890 and sold them oncredit to Percy Corporation for $1,255. The complete journal entryto be made by Wyman at the time of this sale is:
Debit Accounts Receivable $1,255; credit Sales $1,255; debitCost of Goods Sold $890; credit Finished Goods Inventory $890.
Debit Finished Goods Inventory $890; debit Sales $1,255; creditAccounts Receivable $1,255; credit Cost of Goods Sold $890.
Debit Accounts Receivable $1,255; credit Sales $365; creditFinished Goods Inventory $890.
Debit Accounts Receivable $1,255; debit Selling expense $890;credit Sales $1,255; credit Cost of Goods Sold $890.
Debit Cost of Goods Sold $1,255; credit Sales $1,255.
2.
During March, the production department of a process operationssystem completed and transferred to finished goods 17,000 unitsthat were in process at the beginning of March and 150,000 unitsthat were started and completed in March. March's beginninginventory units were 100% complete with respect to materials and59% complete with respect to conversion. At the end of March,34,000 additional units were in process in the productiondepartment and were 100% complete with respect to materials and 24%complete with respect to conversion. Compute the number ofequivalent units with respect to both materials and conversionrespectively for March using the weighted-average method.
184,000 materials; 165,130 conversion.
175,160 materials; 175,160 conversion.
201,000 materials; 175,160 conversion.
201,000 materials; 201,000 conversion.
167,000 materials; 158,160 conversion.
