23) A key idea in process costing that refers to the number of units that could have been started and completed given the costs incurred during the period is known as: A) Manufacturing overhead. B) Units in process. C) A job cost sheet. D) Equivalent units of production. E) Process cost summary . 24) When raw materials are purchased on account for use in a process costing system, the corresponding journal entry that should be recorded will include: A) A debit to Work in Process Inventory. B) A debit to Accounts Payable. C) A credit to Cash D) A debit to Raw Materials Inventory. E) A credit to Raw Materials Inventory. 25) If a production department has 100 equivalent units of production with respect to direct materials in a given reporting period, the equivalent units of production with respect to direct labor must also be 100. A) True B) False Bonus Questions (5 points each) 26) Prime Costs + Conversion Costs = Total Costs A) True B) False 27) Which financial statement has the following equation: Assets = Liabilities + Owner's Equity A) Income Statement B) Statement of Retained Earnings C) Balance Sheet D) Statement of Cash Flows