rtment 1 completed work on 500 units and transferred them to Department 2. The cost of the units was $750. What is the journal entry to record the transfer? 9. Depa Date Accounts and Explanation Debit Credit Work-in-Process Inventory-Dept. 1 Work-in-Process Inventory-Dept. 2 c. Work-in-Process Inventory-Dept. 2 750 Work-in-Process Inventory-Dept. 2 750 b. 750 Work-in-Process Inventory-Dept. 1 750 750 Cost of Goods Sold 750 d. Cost of Goods Sold 750 Work-in-Process Inventory-Dept. 1 750 10. The manager of Gilbert Company used the production cost report to compare bud- geted costs to actual costs and then based bonuses on the results. This is an example of using the reports to a. prepare financial statements. b. control costs. c. evaluate performance. d. identify profitable products. 11A. Which statement is accurate concerning the FIFO method for assigning costs in a process costing system? a. FIFO method assumes the first costs incurred are transferred out. FIFO method merges costs from prior periods with costs from current periods. C. FIFO method assumes the first costs incurred are still in process. d. FIFO method treats units in process at the beginning of the period in the same manner as units in process at the end of the period