Luker Corporation Uses a Process Costing System

question 61

Multiple Choice

Luker Corporation uses a process costing system.The company had $160,500 of beginning Finished Goods Inventory on October 1.It transferred in $837,000 of goods completed during the period.The ending Finished Goods Inventory balance on October 31 was $158,200.The entry to account for the cost of goods sold in October is:

• A)Debit Cost of Goods Sold $837,000;credit Finished Goods Inventory $837,000.
• B)Debit Cost of Goods Sold $839,300;credit Work in Process Inventory $839,300.
• C)Debit Finished Goods Inventory $837,000;credit Work in Process Inventory $837,000.
• D)Debit Finished Goods Inventory $158,200;credit Cost of Goods Sold $158,200.
• E)Debit Cost of Goods Sold $839,300;credit Finished Goods Inventory $839,300.

Comprehend the process and significance of selective attention and perception in organizational behavior.

Grasp the foundation and application of reinforcement theory and behavior modification in organizations.

Acknowledge the biases present in attributions and perceptions, including self-serving bias and fundamental attribution error.

Understand the concept of self-fulfilling prophecy and its implications for organizational dynamics and effectiveness.

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Definitions:

Transactional Relationship

A business or interpersonal relationship focused primarily on economic transactions or exchanges of goods and services, often with a short-term perspective.

Logistics

The management of the flow of goods between the point of origin and the point of consumption to meet the requirements of customers or corporations.

Performance Measurement

The process of evaluating how effectively a business or its various components are achieving key objectives and goals.