Which of the following is true of process costing? A. A separate finished goods account is set up for each process or department. B. For the costing purpose, a single production report is made for the entire production process C. Costs are accumulated by job. D. Finished units in one department initially become part of Work-in-process for the next 2. department Equivalent units are: A. the number of units that should be produced, if the department operates at a maximum 3. efficiency level B. the number of units that are either complete or nearly complete (i.e., to be complete soon) C. the amount of work done, expressed in terms of complete units, on physically complete and incomplete units D. the amount of work done on incomplete units. Gorski began operations on January 1 of the current year. The company uses a process-costing system, and conversion cost is incurred evenly throughout manufacturing. By January 31, the firm had completed 56,000 units. Which of the following statements could be true about the ending work-in-process inventory if equivalent units for conversion cost totaled 59,000 units? 4 There is no ending work-in-process inventory B. The ending work-in-process inventory totaled 3,000 physical units. C. The ending work-in-process inventory of 10,000 physical units was 30% complete. The ending work-in-process inventory of 20,000 physical units was 85% complete. A department had 100 units of beginning work-in-process, which are 100% as to direct materials and 30% complete as to conversion. The department started 700 units during a given period. The department completed and transferred out 500 units. At the end of the period, there are 300 units remaining unfinished with 100% complete as conversion. The equivalent units as to conversion are: A. 210 B. 480 C. 680 D. 800 to direct materials and 60% complete as to