1) What are primary differences in job cost accounting versus process cost accounting with respect to the following categories? Job Cost Process Cost Type of order Type of product Volume Flexibility Standardization Documents Used Work in Process Accounts 2) How do the journal entries for a process costing system differ from a job costing system? 3) What does equivalent units of production (EUP) measure? Why is EUP used? 4) What are the two types of cost that make up conversion costs? Why would EUP be different for material and conversion? 5) Why is the product cost summary prepared? What is another name for the process cost summary? 6) What are the four steps for calculating the weighted average cost flow system? Prepare a production cost report for July 20XX. Assume materials are added at the beginning of the production process and the following cost and production data. Production Data - Basketballs Units WIP units 7/1 500 Units started into production 1,600 WIP units 7/31 600 % Complete 60% 1,600 40% 40% $540 Cost Data - Basketballs WIP 7/1 Materials Conversion Costs Labor $300 Overhead 200 500 Total WIP 7/1 $1.040 Costs added during month: Direct materials Direct labor Manufacturing overhead $2,400 $1,600 $1,380