Which of the following would mast likely use a job order casting system? A. A paper 8 An oil refinery C A awimning pool installer D. A company that manafactures chlorine for swimming pools Management should focus its sales and production effons on the product oe products that 17 A. the highest sales revenue B. the kwest direct labor hours C. the lowest product casts D. the maximant contnbution margin Goods that are partway through the manufacturing process, but not yet complete, are referred to as materials inventory A. True If the cost of materials is not a significant portion of the total product cost, the materials may classified as part of factory overhead cost A. True B. False What term is used to refer to the cost of changing direct materials into a finished manufactured 20 product? A. Factory overhead cost B. Direet labor cost C. Period cost D. Conversion cost 21 Cost of goods manufactured is equal to: A. total manufacturing costs plus ending materials inventory less beginning materials inventory B. total manufacturing costs plus beginning work in process inventory less ending work in process inventory C cost of goods sold plus beginning work in process inventory less ending work in process inventory D. total manufacturing costs plus ending work in process inventory less beginning work in process inventory Cost of goods sold for a manufacturer equals cost of goods manufactured plus A. beginning work in process inventory less ending work in process inventory B. ending finished goods inventory less beginning finished goods inventory C. ending work in process inventory less beginning work in process inventory D. beginning finished goods inventory less ending finished goods inventory When the goods are sold, their costs are transferred from Work in Process to Finished Goods 23 A. True B. False 24 duct costs Costs that are treated as assets until the product is sold are called: A. Product costs B. Selling expenses C. Period costs D. Conversion costs Page