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1. T or F: In a process costing system, the first step is to summarize the physical flow of units so that Units to be accounted for equals Units sold.

2. T or F: A job costing system would be appropriate for an oil refinery.

3. T or F: For a manufacturing company using process costing, cost per equivalent unit is only calculated for direct labor and direct materials.

4. T or F: When using process costing, only one companywide Work-in-Process account is allowed for tracking product costs.

5. T or F: A company that uses process costing may use several Work-in-Process Inventory accounts.

6. Diaz Company uses process costing in its two processing departmentsAssembly and Finishing. If completed goods with a cost of $62,000 are sold, which one of the following journal entries would be made to record this transaction? A) Cost of Goods Sold 62,000 Finished Goods Inventory 62,000

B) None of the answer choices is correct.

C) WIP Inventory Assembly 62,000 WIP Inventory - Finishing 62,000

D) Cost of Goods Sold 62,000 Sales Revenue 62,000

E) Finished Goods Inventory 62,000 Cost of Goods Sold 62,000

7. Diaz Company uses process costing in its two processing departmentsAssembly and Finishing. If the Assembly Department completes a batch of products with production costs of $30,000 and moves it to the Finishing Department, which one of the following journal entries would be made to record this transaction?

A) WIP Inventory - Finishing 30,000 WIP Inventory - Assembly 30,000

B) WIP Inventory - Assembly 30,000 Cost of Goods Sold 30,000

C) None of the answer choices is correct.

D) Finished Goods Inventory 30,000 WIP Inventory - Assembly 30,000

E) WIP Inventory - Assembly 30,000 WIP Inventory - Finishing 30,000

8. Diaz Company uses process costing in its two processing departmentsAssembly and Finishing. If the Finishing Department is the final production department and completes product with a production cost of $15,000, which one of the following journal entries would be made to record this transaction?

A) None of the answer choices is correct.

B) WIP Inventory - Finishing 15,000 Finished Goods Inventory 15,000

C) Cost of Goods Sold 15,000 WIP Inventory - Finishing 15,000

D) Finished Goods Inventory 15,000 WIP Inventory - Finishing 15,000

E) Finished Goods Inventory 15,000 Cost of Goods Sold 15,000