Problem 3: Matching Terms and Definitions (10 points) Enter the letter of the term that best matches each of the following definitions on your Scantron Sheet. Also write the letter in the space provided Terms A. Just-in-time manufacturing B. Job order costing system E. Work-in-process inventory C. Finished goods inventory D. Raw materials inventory Definitions: I. A system that acquires inventory and produces only when needed. 2. Products that are completed jobs but not yet delivered to customers 3. Goods a company acquires to use in The production of products in response to special orders; also called customized production. 4. 5. Products in the process of being manufactured but not yet complete Terms A. Prime costs B. Variable costs C. Conversion costs E. Indirect costs D. Fixed costs Definitions: 6. Costs that are incurred for the benefit of more than one cost object. 7. Costs that change in proportion to changes in volume of activity. 8. Expenditures incurred in the process of converting raw materials to finished products; include direct labor and factory overhead. 9. Costs that do not change in total with changes in the volume of activity 10. Expenditures directly associated with the manufacture of finished products, inelude direct materials and direct labor