7. Which company is most likely to use process costing? a. A manufacturer of nuclear reactors. b. A construction contractor. 7/33 c. A cannery. d. A textbook publisher 8. Which cost accumulation method is most likely to be used by a company that mass produces similar products? a. Actual costing c. Job-order costing. b. Normal costing d. Standard costing. 9. Standard costing can be used in a. only job-order costing systems. b. only process costing systems. c. either job-order or process systems. d. either manufacturing or retailing firms. 10. Which of the following is the same whether the company uses standard process costing or actual process costing? a. Equivalent production. b. Cost of goods transferred from work in process to finished goods. c. Net income for the period. d. Cost per unit of ending inventory of work in process. 11. It is usually necessary to calculate equivalent unit production for a. materials b. conversion costs c. materials and conversion costs. d. materials, conversion costs, and overhead. 12. If a company uses actual process costing, the amount transferred from Work in Process Inventory to Finished Goods Inventory is the cost of a. equivalent unit production for the period. b. units completed during the period. c. units completed and sold during the period. d. all units worked on during the period. 13. If a company uses standard process costing, the amount transferred from Work in Process Inventory to Finished Goods Inventory is the a standard cost of equivalent unit production for the period. b. standard cost of units completed during the period. c. actual cost of units completed and sold during the period. d. actual cost of all units worked on during the period. 14. Under standard costing, the amount of direct labor cost charged (debited) to Work in Process Inventory is a standard labor hours at standard rates. b. standard labor hours at actual rates. c. actual labor hours at actual rates. d. actual direct labor cost incurred