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1) The appropriate journal entry to transfer the cost of completed units from the Work in Process account would involve a credit to Work in Process and a debit to which of the following accounts?

a. Income Summary

b. Raw Materials Inventory

c. Finished Goods

d. Manufacturing Summary

2) Which cost accumulation procedure is best suited to a continuous mass production process of similar units?

a. Job order

b. Process

c. Standard

d. Actual

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92305760

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