1. What is work in process inventory generally described as? A) B) C) Costs applicable to units that have been started in production but are only partially completed Costs associated with the end stage of manufacturing that are almost always complete and ready for customers Costs strictly associated with direct labor Beginning stage production costs associated with labor costs dealing with bringing in raw materials from the shipping docks D) 2. If factory overhead has been underapplied during the year, the adjusting entry at the end of the year will show a A) debit to Factory Overhead. B) credit to Cost of Goods Sold. C) debit to Work in Process Inventory. D) debit to Cost of Goods Sold. Equivalent units of production must be calculated before the unit production costs can be computed. A) True B) False 3. 4. The two basic types of cost accounting systems are A) job order and job accumulation systems. B) job order and process cost systems. C) process cost and batch systems. D) job order and batch systems. 5. H onrad Company's Assembly Department has materials cost at $4 per unit and conversion cost at $8 per unit. There are 30,000 units in ending work in process, all of which are 70% complete as to conversion costs. Materials are added at the beginning of the process. How much are total costs to be assigned to inventory? A) $168,000. B) $288,000. C) $253,200. D) $360,000. total manufacturing cost per unit is used in costing the units completed and transferred during the period. A) True B) False 6. The 7. The total cost of a finished product does not generally contain equal amounts of materials, labor, and overhead costs. A) True B) False 8. Job order cost sheets constitute the subsidiary ledger of the control account Work In Process Inventory (captures all manufacturing costs). A) True B) False 9. Job Order Cost systems are used when which of the following are true? A) B) C) D) Units are the same and several are produced each period There are minor differences between finished goods Several work-in-process accounts are included in the ledger Goods are unique per customer specifications . Separate -in-Process accounts are maintained for each production department or manufacturing process in a process cost system