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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) 1) The Assembly Department of Smart Inc, manufacturer of computers, incurred $250,000 in direct materials and $75,000 in conversion costs. The equivalent units of production for direct mate and conversion costs are 1,000 and 800, respectively. The cost per equivalent unit of production for direct materials is D) $250.00 A) $75.00 B) $93.75 ) $312.50 the number of 2) 2) Under process costing, the number of units to account for must always be units accounted for C) lesser than D) greater than A) equal to B) twice 3) 3) In a production report includes the number of units completed and transferred out cost report,- of a process and the number of units remaining in ending work-in-process A) total units estimated for C) total units budgeted for B) total units to account for D) total units accounted for 4) account is credited to adjust for overallocated overhead costs. A) Finished Goods Inventory C) Manufacturing Overhead B) Sales Revenue D) Cost of Goods Sold 5) 5) The Assembling Department of Mat Liners Inc. had 7,500 units in process on December 1, and received 10,000 units from the Sewing Department. Calculate the number of units to account for by the Assembling Department for December. A) 17,500 units B) 7,500 units C) 2,500 units D) 10,000 units 6) Delaware Inc. purchased raw materials worth $500 for cash. The journal entry to record this transaction will include A) a debit to Cash for $500 and a credit to Raw Materials Inventory for $500 B) a debit to Raw Materials Inventory for $500 and credit to Cash for $500 C) a debit to Raw Materials Inventory for $500 and a credit to Accounts Payable for $500 D) a debit to Accounts Payable for $500 and a credit to Raw Materials Inventory for $500 7) Which of the following is used to calculate the number of units accounted for under first-in-first-out (FIFO) method of inventory valuation of process costing? A) Accounted for- Beginning balance In process B) Accounted for Beginning balance + Amount transferred in C) Accounted for Beginning balance+Started and completed+ In process D) Accounted for Beginning balance+ Started and completed 8) During August, the Filtering Department of Olive Inc. had beginning transferred in balance of 200 units with costs of $50,000. During the month, it started and completed 250 units. It had 50 units in the ending Work-in-Process Inventory. What is the number of equivalent units of production for transferred in units in the Filtering Department in August under the first-in-first-out (FIFO) method? A) 300 units B) 200 units C) 500 units D) 100 units