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I. Costs that are first assigned to inventory (instead of being recorded as an expense) are called: A. Period costs. B. Product costs (DM, DL, MOH). C. General costs. D. Administrative costs. E. Fixed costs. 2. Would a yacht builder use job order or process costing? What about a pencil manufacturer? A yacht builder process costing: pencil manufacturer-process costing B. yacht builder-job order costing; pencil manufacturer -job order costing C. yacht builder-process costing: pencil manufacturer-job order costing D. yacht builder-job order costing; pencil manufacturer-process E. None of the above. 3. Products that are in the process of being manufactured but are not yet complete are called: A. Materials inventory , B. Conversion costs. C.Cost of goods sold. D. Goods in Process inventory E. Finished goods inventory 4. Inventory a company acquires to use in making products is called Cost of goods sold. B. Raw materials inventory C. Finished goods inventory D. Goods in process inventory E. Conversion costs. 5. A department had 57,500 units completed and transferred out during the period. Ending Goods in Process inventory was 15,000 units that were 70% complete with respect to their direct materials. Assume this company uses the weighted-average method of process costing and direct material is added uniformly throughout the process. What are the equivalent units produced with respect to direct material? A. 65,500 B. 57,500 C. 37,000 D. 47,500 E. 68,000

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