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42) 42) Gizmo Manufacturers, a widgets manufacturing company, divides its production three processes-Department 1, Department 2, and Department 3. The company uses a process costing system. Gizmo incurred the following costs during the year 2014, to produce 5,000 units $17,500 6,000 If Gizmo could sell only 3,500 units in 2014, what will be the cost per unit of widget produced D) $5.50 A) $7.85 B) 53.50 C) $4.70 43) 43) Both job order costing and process costing A) treat all period costs as product costs B) follow last-in, first-out method for inventory valuation C) maintain a single Work-in-Process Inventory account D) have the same type of product costs 44) Which of the following best describes the term equivalent units? A) partiall y completed units expressed in terms of fully complete units of output B) partially completed units of output that will be sold as is C) different types of units that have same selling price D) substitute of units that are partially completed 45) Productions costs are eventually to-in transferred from one Work-in-Process Inventory account to the next and A) Manufacturing Overhead C Sales Revenue B) Finished Goods Inventory D) Accounts Payable 46) The production cost reports show the calculations for the physical flows and the flows of 46 the products A) cost B) price C) cash D) supply 47) The Assembling Department of Mat Liners Inc. had 10,000 units in process in December beginning 47) and received 30,000 units from the Sewing Department. During the month, it completed 20,000 units and transferred them to the Packaging Department. Calculate the number of units accounted for by the Assembling Department for December. A) 30,000 units B) 40,000 units C) 20,000 units D) 10,000 units 48) The cost of units sold is recorded by debiting Cost of Goods Sold and crediting 48) A) Sales Revenue C) Wages Payable B) Work-in-Process Inventory D) Finished Goods Inventory