Answer the Following Questions Using the Information Below:
Stefan Ceramics $\begin{array} { l } \text {Work in Process - Molding }&\$2,400 \\ \text { Accounts Pavable Control}&\$2,400 \\\end{array}$

question 90

Multiple Choice

Answer the following questions using the information below:
Stefan Ceramics is in the business of selling ceramic vases. It has two departments - molding and finishing. Molding department purchases tungsten carbide and produces ceramic vases out of it. Ceramic Vases are then transferred to finishing department, which designs it as per the requirement of the customers.
During the month of July, molding department purchased 500 kgs of tungsten carbide at $60 per kg. It started manufacture of 4,000 vases and completed and transferred 3,200 vases during the month. It has 800 vases in the process at the end of the month. It incurred direct labor charges of $1,000 and other manufacturing costs of $500, which included electricity costs of $200. Stefan had no inventory of tungsten carbide at the end of the month. It also had no beginning inventory of vases. The ending inventory was 50% complete in respect of conversion costs.
-The journal entry to record tungsten carbide purchased and used in production during July is ________.

• A)\(\begin{array} { l }
• \text {Work in Process - Molding }&\$2,400 \\ \text { Accounts Pavable Control}&\$2,400 \\
• \end{array}\)
• B)\(\begin{array} { l }
• \text {Work in Process - Molding }&\$3,000 \\ \text {Accounts Pawable Control }&\$3,000 \\
• \end{array}\)
• C)\(\begin{array} { l }
• \text {Accounts Payable Control }& \$2,400\\ \text { Work in process - Molding}&\$2,400 \\
• \end{array}\)
• D)\(\begin{array} { l }
• \text {Accounts Payable Control }&\$3,000 \\ \text {Work in process - Molding }&\$3,000 \\
• \end{array}\)

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Definitions:

Payroll

The total amount of money that a company pays to its employees, which involves calculating salaries, wages, bonuses, deductions, and net pay.

Human Resources Management (HRM)

The strategic approach to managing a company’s employees, focusing on policies and systems to maximize workforce performance and satisfaction.

Philosophies

Fundamental beliefs or theories that guide actions and decisions, often applying to disciplines like ethics, education, politics, and personal development.

Practices

Refers to established methods or procedures that are followed consistently in a professional or business context to achieve desired outcomes or maintain standards.