1. A_is used to accumulate the costs of a job.
   bill of materials
   labor time record
   materials inventory requisition form
   job cost record

job cost record

2. In process costing,________ is are found by taking the number of partially completed physical units and multiplying it by the percentage of the process completed.
   conversion costs
   equivalent units
   fixed manufacturing overhead costs
   cost of goods sold

equivalent units

3. The document many process costing companies use to summarize the entire five - step process on one schedule is called the
   bill of materials,
   production cost report,
   conversion report,
   income costing statement.

production cost report,

4. A(n)________ cost is one whose total amount changes in direct proportion to a change in volume.
   mixed
   fixed
   variable
   irrelevant

variable

5. The cost of lighting the factory would be classified as__________when determining the cost of a manufactured product.
   a period cost
   an indirect cost
   a direct cost
   none of the above

an indirect cost

6. Which of the following types of companies has raw materials, work in process and finished goods inventory?
   Retailers
   Service companies
   Wholesalers
   Manufacturers

Manufacturers

7. Which of the following is an example of a cost item that should be classified as an external failure cost?
   Cost of a lost unit
   Cost to redesign product
   Tooling changes
   Warranty claims

Warranty claims

8. Under allocated manufacturing overhead results when
   actual overhead is greater than allocated overhead,
   actual overhead is greater than expected,
   estimated overhead is greater than actual overhead,
   production is greater than last year.

actual overhead is greater than allocated overhead,