3 ID: A Name: 27 For which of the following businesses would a process cost system be appropriate? Auto repair service a. Paint manufacturer b. Specialty printer c. Custom furniture manufacturer d. 28. In a process cost system, the amount of work in process inventory is valued by a. finding the sum of all open job costs b. allocating departmental costs between completed and partially completed units cmultiplying units in ending inventory by the direct materials cost per unit d. all of the above For which of the following businesses would a process cost 29. An oil refinery a. Yacht builder b. c Specialty furniture company d. Custom clectronics manufacturer 30. The four steps necessry to determine the cost of goods completed and the ending inventory valustion in a process cost system are: 1. allocate costs to transferred and partially completed units 2. determine the units to be assigned costs determine the cost per equivalent unit calculate equivalent units of production The correct ordering of the steps is: a. 2, 4,3, b. 4,2,3, c 2,3,4, d. 2,3, 1,4 31. In the manufacture of 10,000 units of a product, direct materials cost incurred was $165,000, direct labor cost incurred was $95,000, and applied factory overhead was $53,500. What is the total conversion cost? a. $260,000 b. $148,500 c. $313,500 d. $53,500 t R had 5,000 units in work in process that were 75% completed as to labor and overhead at the beginning of the period, 30,000 units of direct materials were added during the period, 32,000 units were ompleted during the period, and 3,000 units ere 40% completed as to labor and overhead at the end of the riod. All materials are added at the beginning of the process. The first-in, first-out method is used to cost per inventories. The number of equivalent units of production for conversion costs for the period was: a. 32,450 b. 29,450 c. 31,950 d. 26,000