Michael Paints Has Two Processes-Coloring Department and Mixing Department

question 10

Multiple Choice

Michael Paints has two processes-Coloring Department and Mixing Department. Michael assigned $385,000 to the 5,500 gallons of paint transferred from Mixing Department to Finished Goods Inventory. The journal entry to record completion of processing is:

• A)debit Work-in-Process Inventory-Mixing, $385,000; credit Finished Goods Inventory, $385,000.
• B)debit Finished Goods Inventory, $385,000; credit Cost of Goods Sold, $385,000.
• C)debit Cost of Goods Sold, $385,000; credit Finished Goods Inventory, $385,000.
• D)debit Finished Goods Inventory, $385,000; credit Work-in-Process Inventory-Mixing, $385,000.

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Definitions:

Norms

Shared guidelines or expectations within a society or group about how people should behave.

Significant Others

People whose views and attitudes are very important and worthy of consideration. The reflected views of a significant other have great influence on the individual’s self-concept and self-regulation.

Social Psychology

The scientific study of how people's thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.

Rewards

Benefits or positive outcomes that are given in response to an individual's actions or behaviors, often used as a form of encouragement or motivation.