Question 54 54) Which of the following statements is true? O A process costing system will have a separate Work in Process Inventory account for each of the major process Ajob costing system will have a separate Work in Process Inventory account for each of the major processes. A process costing system will have a single Work in Process Inventory account. O A process costing system will have a separate Raw Materials Inventory account for each of the major processes. Question 55 55) Brody Corp. uses a process costing system. Beginning inventory for January consisted of 1,300 units that were 40% January, On January 31. the inventory consisted of 650 units that were 70% completed. How many units were complete 1 pts Question 69 69) Lynwood, Inc. produces two different products (Product A and Product X) using two different activities: Machining, which uses machine hours as an activity driver, and Inspection, which uses number of batches as an activity driver. The activity rate for Machining is $125 per machine hour, and the activity rate for Inspection is $500 per batch. The activity drivers are used as follows: Product A Product X Total 1,000 Machine hours 3,000 4.000 Number of batches 45 15 60 What is the amount of Machining cost assigned to Product X? $375,000 $125,000 0522.500 5500.000 1 pts Question 70 70 Refer to the information in Question 69. What is the amount of Machining cost assigned to Product A? 0 $500,000 Question 70 70) Refer to the information in Question 69. What is the amount of Machining cost assigned to Product A? $125,000 O $375,000 O $7,500 O $500,000 Question 71 71) How is activity-based management related to activity-based costing