22. In a process cost system, conversion costs include: A. direct materials and direct labor B. indirect labor and direct labor. C. direct labor and overhead. D. overhead and indirect materials E. indirect materials and overhead. 23. Equivalent units of production are equal to: A. The number of units that could have been completed if all effort had been applied to units that were started and completed that period. B. The number of finished units actually produced that period. C. The number of units introduced into the process that period. D. The number of units still in process that period. E. Physical units that were completed this period from all effort being applied to them 24. The two inventory costing methods used, in a process costing system, to calculate equivalent units of production are the A. LIFO and Weighted-Average methods B. Weighted-Average and FIFO methods. C. FIFO and Specific Identification methods. D. Conversion and LIFO methods. E. None of the above. Austin Company uses a job order cost accounting system. The company's executives estimated that direct labor would be $2,000,000 (200,000 hours at $10/hour) and that manufacturing overhead would be $1,500,000 for the current period. At the end of the period, the records show that there had been 180,000 hours of direct labor and $1.200,000 of actual overhead costs. Using direct labor hours as a base, what was the predetermined 25. overhead allocation rate? A. $6.00 per direct labor hour. B. $7.50 per direct labor hour. C. $6.67 per direct labor hour. D. $8.33 per direct labor hour. E. $7.08 per direct labor hour. 26. In a process cost system, equivalent units of production are calculated for A. Material and conversion. B. Labor only. C. Material only. D. Factory overhead only E. Overhead and conversion