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Select each of the items with the best description of its purpose. Items Equivalent units of production Finished goods inventory account Description 1. Standardizes partially completed units into equivalent completed units. 2. Holds costs of finished products until sold to customers. 3. Describes the activity and output of a production department for a period 4. Holds costs of materials until they are used in production or as factory overhead 5. Combined costs of direct labor and overhead per equivalent unit. 6. Computes equivalent units only on production activity in the current period. 7. Used when materials move continuously through a manufacturing process Process cost summary Raw materials inventory account Equivalent units of production Finished goods inventory account Process cost summary Raw materials inventory account For each of the following products and services, indicate whether it is more likely produced in a process operation or in a job order operation 1. Designed patio Suntan lotion Job order operation Process operation 3. Solar panels 4. Mortgage loan 5. Door hardware 6. Lawn chairs 7. Custom-tailored dresses 8. Table Lamps 9. Trail mix 1. Purchased $20,000 of raw materials on credit 2. Used $17,000 of direct materials in the Roasting department. 3. Used $22,500 of indirect materials in production. View transaction list Journal entry worksheet