Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of...

Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $890 and sold them on credit to Percy Corporation for $1,255. The complete journal entry to be made by Wyman at the time of this sale is:

Debit Accounts Receivable $1,255; credit Sales $1,255; debit Cost of Goods Sold $890; credit Finished Goods Inventory $890.
Debit Finished Goods Inventory $890; debit Sales $1,255; credit Accounts Receivable $1,255; credit Cost of Goods Sold $890.
Debit Accounts Receivable $1,255; credit Sales $365; credit Finished 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 operations system completed and transferred to finished goods 17,000 units that were in process at the beginning of March and 150,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 59% complete with respect to conversion. At the end of March, 34,000 additional units were in process in the production department and were 100% complete with respect to materials and 24% complete with respect to conversion. Compute the number of equivalent units with respect to both materials and conversion respectively 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.

Expert Solution

ekkarill92 answered 1 year ago

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