Part II. Multiple Choice (22.5 points) 1. Which of the following is a manufactured product? a. bungee jumping b. beauty salon c, automobile d. restaurant 2. Manufacturers producing unique or customized products would employ an) a. process costing system b. job-costing system. c. homogeneous costing system. d. all of the above. 3. The nature of services leads to a requirement of standardized system to handle repeat customers. a. Heterogenous b. Intangible c. Inseparable d. Perishable 4. For a manufacturer, the three inventory accounts on the balance sheet are a. Materials, Finished Goods, and Cost of Goods Sold. b. Materials, Overhead, and Cost of Goods Sold. c. Materials, Direct Labor, and Overhead. d. Materials, Work-in-Process, and Finished Goods. 5. Which of the following costs is usually NOT easily traceable to finished units of product? a. direct labor b. direct materials e. manufacturing overhead d. all of the above 6. Cost accumulation refers to the a. use of actual costs for direct materials, direct labor, and overhead to determine unit cost. b. association of production costs with units produced. c. recognition and recording of costs. d. determination of the dollar amounts of direct materials, direct labor, and overhead used in production. 7. Disadvantages of actual costing include a. actual cost systems cannot provide accurate unit cost information on a timely basis. b. actual cost systems produce unit costs that fluctuate from period to period. c. estimates must be used when calculating the actual overhead rate d. both a and b