QUESTION 5 LCO:2 A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning goods in process inventory: 110,000 units were started into production in January. There were 30,000 units that were 40% complete in the ending goods in process inventory at the end of January. What were the equivalent units of production for materials for the month of January? 80,000 equivalent units 30,000 equivalent units 44,000 equivalent units 60,000 equivalent units 110,000 equivalent units QUESTION 6 LCO:2 A process cost accounting system would best fit the needs of a company that makes: Custom homes Cement Custom machinery Oil paintings QUESTION 7 LCO:3 The predetermined overhead rate is 80% of direct labor cost for Blue Mountains, Inc. During the month, $400,000 of factory labor costs are incurred of which $150,000 is indirect labor. Actual overhead incurred was $350,000. Goods-in-Process Inventory would be debited for overhead in the following amount: $350,000 $200,000 $250,000 $150,000 QUESTION 8 LCO:3 The three major cost components of a manufactured product are: Differential costs, opportunity costs, and sunk costs. Marketing, selling, and administrative costs. General, selling, and administrative costs Indirect labor, indirect materials, and miscellaneous factory expenses. Direct materials, direct labor, and factory overhead. QUESTION 9 LCO:3 A manufacturing company has a beginning finished goods inventory of $18,200, raw material purchases of $16,000, cost of goods manufactured of $34,600, and an ending finished goods inventory of $21,500. The cost of goods sold for this company is: $31,300 $15,100 $47,300 $74,600 $58,300