Knowledge Check 01 The journal entry to acquire materials on credit for factory use includes which two of the following? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) 2 Debit to Raw Materials Inventory 2 Credit to Accounts Payable 2 Credit to Raw Materials Inventory 2 Debit to Work in Process Inventory 2 Debit to Accounts Payable Credit to Work in Process Inventory 2 Credit to Cash 2 Debit to Cash What is the purpose of a process cost summary report? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Assists department managers to control and monitor their departments Reports the equivalent units of production per department. Provides cost information for financial statements. Describes the costs charged to each department. Determines the costs assigned to each department's output