Answer the Following Question(s)using the Information Below

question 96

Multiple Choice

Answer the following question(s) using the information below:
Complete Microfilm Products manufactures microfilm cameras.For October there were no beginning inventories of direct materials,and no beginning or ending work-in-process.Only one indirect manufacturing cost category is currently in use,"Conversion Costs." Journal entries are recorded when materials are purchased and when units are sold using backflush costing.

-Which of the following journal entries would be recorded for the units that are sold by Complete Microfilm Products in October?

---

Definitions:

Progressive Federal Income Tax

A tax system where the tax rate increases as the taxable amount (income) increases, applied at the federal level.

Government's Revenue

The total financial income collected by the government from various sources, including taxes, fees, and investments.

Excise Tax

A tax levied on specific goods, services, or transactions, typically aimed at discouraging consumption of certain items or raising revenue.

Demand Curves

Graphical representations showing the relationship between the price of a good and the quantity demanded by consumers, typically illustrating an inverse relationship.