8) Which of the following statements correctly describes the term conversion costs? 2 Points A) the cost to convert finished goods to sales to customers B) the cost incurred for direct and indirect materials during production C) the cost of direct materials, direct labor, and manufacturing overhead costs incurred during production D) the cost of direct labor combined with manufacturing overhead 9) Factory rent and utilities are debited to the 2 Points A) concerned Work-in-Process Inventory account B) Manufacturing Overhead account C) Finished Goods Inventory account D) Cost of Coods Sold account 7) Which of the following correctly describes the term cost driver? 2 Points A) the inflation rate that causes costs to rise B) the average inventory costs incurred at any point of time C) the primary factor that causes a cost to be incurred D) the total material, labor, and overhead cost of a completed job 9) Factory rent and utillties are deblted to the 2 Points A) concerned Work-In-Process Inventory account B) Manufacturing Overhead account C) Finished Goods Inventory account D) Cost of Goods Sold account 10) An activity-based costing system is developed in four steps. a. Compute the allocation rate for each activity. b. Identify activities and estimate their total costs. c. Identify the cost driver for each activity and then estimate the quantity of each driver's allocation base. d. Allocate the indirect costs to the cost object. Which of the following is the correct order of performing these steps? 2 Points Aa,b,c,d B) c,a,b,d C) b, c,a,d