The effect of Activity Based Costing on a product or service, when compared to the simple costing system of chapter 4: Changes the cost of Direct Materials only. Changes the cost of Indirect Costs Overhead only, Changes the cost of Direct Labor only, Changes the cost of Direct Materials, Direct Labor and indirect Costs (Overhead. None of the above are true Which of the following matches the correct accounting term to the proper process term Work in process and where raw materials are stored Finished goods and where production occurs Raw materials and where production occurs Work in process and where production occurs Cost of goods sold and where production occurs XYZ Company calculated their equivalent units of production for its FIFO processing system (in step 2) to be 1,000 equivalent units for materials and 2,000 equivalent units for conversion. They give you the following cost information Materials Conversion Beginning Inventory $10,000 $20,000 Current $20,000 $50,000 Totals $30,000 $70,000 The costs per equivalent unit for XYZ for materials, using FIFO, are $30 per unit $45 per unit 520 per unit $25 per unit $100 per un