1. Which of the following companies would likely use process costing? (1 Point) A coffee manufacturer A law firm A custom boat manufacturer A car repair shop 2. A pharmaceutical company manufactures a drug utilizing three processes. Which of the following is NOT correct: (1 Point) The company manufactures a standardized product The company has multiple work-in-process inventory accounts When units are transferred-out of the first process, the finished goods inventory is debited When direct materials are used, the materials inventory is credited 3. When a process has a beginning work-in-process inventory (BWIP), this prior period cost should be: (1 Point) subtracted from current manufacturing cost in the numerator of the unit cost formula Ignored in the calculation of unit cost multiplied by the percentage of completion of the ending inventory when calculating equivalent units added to the current manufacturing cost in the numerator of the unit cost formula 4. The ending work-in-process (EWIP) is 70% complete with respect to materials and 50% complete with respect to conversion. That means that: (1 Point) The equivalent units of materials in EWIP are the same as the equivalent units of conversion in EWIP The equivalent units of materials in EWIP are higher than the equivalent units of conversion in EWIP The equivalent units of materials in EWIP are lower than the equivalent units of conversion in EWIP There is not enough information to determine whether the equivalent units of materials in EWIP are higher, lower, or the same than the equivalent units of conversion in EWIP