21) ABC produces ping-pong balls using a three-step sequential process that includes molding, coloring and finishing. When the balls and associated costs are transferred from the molding process to the coloring process, which account is debited?
A) WIP inventory-coloring
B) WIP inventory-molding
C) Raw materials inventory
D) WIP inventory-finishing
22) ABC produces ping-pong balls using a three-step sequential process that includes molding, coloring and finishing. When the balls and associated costs are transferred from the molding process to the coloring process, which account is credited?
A) WIP inventory-coloring
B) WIP inventory-molding
C) Raw materials inventory
D) WIP inventory-finishing
23) ABC produces ping-pong balls using a three-step process that includes molding, coloring and finishing. Which account is debited when the balls are totally completed?
A) Finished goods inventory
B) WIP inventory-finishing
C) Manufacturing overhead
D) WIP inventory-coloring
24) ABC produces ping-pong balls using a three-step process that includes molding, coloring and finishing. Which of the following accounts is credited for manufacturing overhead?
A) WIP inventory-molding
B) WIP inventory-finishing
C) WIP inventory-coloring
D) Manufacturing Overhead
25) ABC produces ping-pong balls using a three-step process that includes molding, coloring and finishing. Which of the following accounts is credited for direct labor used during the molding process?
A) WIP inventory-molding
B) Manufacturing overhead
C) Raw materials inventory
D) Wages payable
26) ABC produces ping-pong balls using a three-step sequential process that includes molding, coloring and finishing. When the balls and associated costs are transferred out of the coloring process and into the finishing process, the journal entry would include a:
A) debit to WIP inventory- coloring and a credit to WIP-finishing.
B) debit to WIP inventory- finishing and a credit to WIP-coloring.
C) debit to Finished Goods inventory and a credit to WIP-coloring.
D) debit to WIP inventory- coloring and a credit to Finished Goods inventory.
27) ABC produces ping-pong balls using a three-step process that includes molding, coloring and finishing. The purchase of materials includes a:
A) debit to raw materials inventory.
B) debit to WIP inventory-molding.
C) credit to manufacturing overhead.
D) credit to raw materials inventory.
28) ABC produces ping-pong balls using a three-step process that includes molding, coloring and finishing. Requisition of materials to molding includes a:
A) debit to raw materials inventory.
B) credit to raw materials inventory.
C) debit to manufacturing overhead.
D) credit to finished goods inventory.
29) A transfer of $24,000 from the assembly department to the packaging department would require the entry of a:
A) debit to finished goods inventory.
B) debit to WIP inventory-assembly.
C) credit to raw materials inventory.
D) credit to WIP inventory-assembly.
30) The entry to record actual manufacturing overhead costs incurred in a process department would include a:
A) debit to manufacturing overhead.
B) debit to WIP inventory.
C) credit to manufacturing overhead.
D) credit WIP inventory.