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7. Which of the following journal entries correctly records the current month's activity where $60,000...

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Accounting

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7. Which of the following journal entries correctly records the current month's activity where $60,000 of direct material and $17,000 of indirect materials were used in the production process? A.. Raw Materials Inventory 77,000 Goods in Process Inventory Factory Overhead 60,000 17,000 B. Goods in Process 77,000 Raw Materials Inventory Goods in Process Factory Overhead 77,000 C. 17,000 60,000 Cash 77,000 D. Goods in Process Factory Overhead 60,000 17,000 Raw Materials Inventory 77,000 77,000 11000 71,00 E. Raw Materials Inventory 8. Direct labor and indirect labor are recorded, respectively, to: A. Factory Overhead and Goods in Process. B. Goods in Process and Finished Goods. C. Finished Goods and Goods in Process. D. Goods in Process and Factory Overhead. E. Cost of Goods Sold and Finished Goods. 9. After posting all actual factory overhead and applying factory overhead to production departments in a process costing system: A. There will never be underapplied overhead. B. There will never be overapplied overhead. C. There will always be underapplied overhead. D. There will always be overapplied overhead. E. There may be over or underapplied overhead

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