How is mass production achieved in process costing system? Multiple Choice By allowing many customer modifications to products. By heavy use of machinery in the production process. By utilizing many assembly workers. By minimizing the use of raw materials. By tracking costs by job. Which of the following products are most likely to be produced in a process costing system? Multiple Choice Airplanes. Unique jewelry. Computer chips. Ships. O Houses. In a process costing system, production costs are accumulated by: Multiple Choice O Jobs. Production departments. O Selling departments. Customer orders. Purchasing departments. In a process costing summary report, the combination of direct labor and factory overhead costs is called: Multiple Choice Physical costs. Conversion costs. Overhead costs. Aggregate costs. Finished costs. Which method have we used to prepare a process cost summary report? Multiple Choice Direct. First-in, First-out. Last-in, First-out. Weighted Average. Percentage. Which of the following is not a step to be followed when preparing a process cost summary report? Multiple Choice Assign costs to completed and uncompleted units. Determine production cost savings. Determine the physical flow of units. Calculate the total costs charged to production. Calculate the equivalent units of production. An accountant was preparing a process cost summary report and noted the following activity during the month: beginning WIP 10,000 units; ending WIP 12,000 units; started 25,000 units. How many units were completed and transferred out? Multiple Choice 15,000 units. o 13,000 units. 3,000 units. 23,000 units. 8,000 units. The following information is available to prepare a process cost summary report completed and transferred out 100,000 units; ending WIP 15,000 units. The status of the ending WIP Inventory is direct materials 100% complete; conversion 40% complete. What are the total conversion EUP? Mit Choice 115.000 EUP 10.000 EUp o o o o o 100,000 EUR 15.000 EUP 000 EUP