Match each of the following items A through G with the best numbered description of its purpose.
Question:
A. Raw Materials Inventory account
B. Materials requisition
C. Finished Goods Inventory account
D. Factory Overhead account
E. Process cost summary
F. Equivalent units of production
G. Goods in Process Inventory
_______ 1. Notifies the materials manager to send materials to a production department.
_______ 2. Holds costs of indirect materials, indirect labor, and similar costs until assigned to production.
_______ 3. Holds costs of direct materials, direct labor, and applied overhead until products are transferred from production to finished goods (or another department).
_______ 4. Standardizes partially completed units into equivalent completed units.
_______ 5. Holds costs of finished products until sold to customers.
_______ 6. Describes the activity and output of a production department for a period.
_______ 7. Holds costs of materials until they are used in production or as factory overhead.
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