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Multiple Choice Question 60 The entry to record the acquisition of raw materials on account is Manufacturing Overhead Raw Materials Inventory Accounts Payable Accounts Payable Raw Materials Inventory Raw Materials Inventory Accounts Payable Work in Process Inventory Accounts Payable

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Answerto Question 60: Debit Credit Accounts Raw Materials Inventory Accounts Payable Answerto Question 77: Cost of Goods Produced Direct Materials+ Direct Labor +Manufacturing Overhead Applied Cost of Goods Produced $160,000 $150,000$130,000 Cost of Goods Produced $440,000 Cost per unit Cost of Goods Produced/Number of units produced Cost per unit $440,000/5,000 Cost perunit= $88.00 Number of units in ending inventory Number of units produced- Number of units sold Numberof units in ending inventory= 5,000-4,800 Number of units in ending inventory 200 Cost of Ending Inventory= Number of units in ending inventory * Cost per unit Cost of Ending Inventory 200$88.00 Cost of Ending Inventory $17,600

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