NAME 1. 2. Multiple Choice Part 1 What report would an organization use to summarize all costs charged to each department and show the costs assigned to the goods transferred out of the department as well as the goods still in process. A) cost of production report B) cash accounted for report C) FIFO report D) Cost accountability report Equivalent units of production may be computed for A) labor only. B) labor and materials only. C) labor, materials, and manufacturing overhead. D) materials and manufacturing overhead only. In a process cost accounting system, A) the Finished Goods Inventory account is debited for the cost of B) the Work in Process Inventory accounts are used to accumulate the c) manufacturing overhead is not included in the determination of inventory costs. D) Inventory costs are calculated when goods are sold. 3. The entry to charge manufacturing overhead to work in process includes a A) debit to the Manufacturing Overhead Applied account and a credit to debit to the various Work in Process Inventory accounts and a credit to the Manufacturing Overhead account. c) debit to the Manufacturing Overhead account and a credit to the various Work in Process inventory accounts. D) debit to the Manufacturing Overhead account and a credit to the Manufacturing Summary account. 5 The source of the cost data that appears in a cost of production report is the A) Finished Goods Inventory account. B) job order cost sheet. C) prior period income statement. D) related Work in Process Inventory account