QUESTION 8 For each of the following statements, determine if it applies to Process Costing. Job Costing, Both, or Neither. v Conversion costs are included in the cost of the product. 1. Both Job Costing and Process Costing II. Neither Job Costing or Process Costing A baker with a shop that makes specialty wedding cakes will use this type of Product Costing System. III. Job Costing System Only v Costs are assigned to the product as it is manufactured. IV. Process Costing System Only A company that makes a variety of vibrant paint colors for interior walls will use this type of Product Costing System Multiple Work In Process Inventory accounts are maintained by the company. The company offers many different products that each have a specialized manufacturing process. QUESTION 9 Pete's ice cream truck always has a lot of business in the hot summer months in Chicago. Pete sells both ice cream cones and popsicles. For every 10 ice cream cones Pete sells, he also sells 8 popsicles. His cost to rent and operate the ice cream truck is 800 per month. Pete provides you with the following information on the ice cream and popsicles: Ice Cream Cone Popsicle Price $2.00 $1.25 Variable Cost $1.25 $0.75 How many ice cream cones and how many popsicles does Pete need to sell each month to breakeven? 627 ice creams and 627 popsicles 1253 ice creams and 1253 popsicles O 1067 ice creams and 1600 popsicles 696 ice creams and 557 popsicles