27. On December 31, 2013, Barnett Tools has a balance in the Work in Process Inventory account of $62,000. On January 1, 2013, the balance in Work in Process Inventory was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured? A) $292,000 B) $277,000 C) $285,000 D) $299,000 28. Which one of the following is a costing system commonly used by companies that produce a large number of homogeneous units in a continuous production process? A) Incremental analysis cost system B) Process costing system C) Unit costing system D) Job-order system 29. Which of the following describes the differences between job-order and process costing? A) Job-order costing can only be used by manufacturers, only service enterprises use process costing. B) Job-order costing is voluntary, while process costing is required by GAAP. C) Job-order costing is used in financial accounting, while process costing is used in managerial accounting. D) Job-order costing traces costs to jobs, while process costing traces costs to departments and averages the costs among the units worked on during the period. 30. Which one of the following is true of the manufacturing operations of a company using process costing? A) Transferred-in costs occur only in departments that have no direct labor costs. B) Costs transferred in must equal total costs transferred out of each work in proces department. C) A product typically must pass through two or more finished goods department D) Manufacturing overhead and direct labor costs are referred to as conversione 31. How are equivalent units calculated in a process costing system? A) By adding the units started to the equivalent units in ending inventory B) By adding the units started to the equivalent units in beginning and endin inventory C) By subtracting the equivalent units in beginning inventory from the tou account for D) By adding the units completed to the equivalent units in ending Work