Which of the following would use process costing? (1) Education provision (2) Accounts preparation (3) Soft drink production (4) Oil refining 1 and 2 3 and 4 3 only 1 only At the end of its financial year, a manufacturing company has the following materials held in inventory (1) 100 toy cars which are complete but require packaging prior to being sold or dispatched (2) One ton of plastic which will be moulded into various products Which of the following is the correct classification for the toy cars and the plastic? Both the toy cars and the plastic are work in progress Toy cars are work in progress and the plastic is raw material Toy cars are finished goods and the plastic is work in progress Toy cars are finished goods and the plastic is raw material