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Which entities probably would use a process costing system

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Reference no: EM132998376

Problem 1: Product costs appear on the income statement in the form of

A. cost of goods sold.
B. materials inventory.
C. none of these. Product costs do not appear on the income statement.
D. sales commissions.

Problem 2: Equivalent units of production usually are determined for

A. direct materials and direct labor costs only.
B. direct materials costs only.
C. direct materials and conversion costs.
D. conversion costs only.

Problem 3: Which of the following entities probably would use a process costing system?

A. A doctor's office
B. An oil refinery
C. A custom furniture company
D. A yacht builder

Reference no: EM132998376

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