Select each of the items with the best-numbered description of its purpose. Description Item
1 Notifies the materials manager to send materials to a production department.
2 Holds costs of indirect materials, indirect labor, and similar costs until assigned to production.
3 Holds costs of direct materials, direct labor, and applied overhead until products are transferred from production to finished goods (or another department).
4 Standardizes partially completed units into equivalent completed units.
5 Holds costs of finished products until sold to customers.
6 Describes the activity and output of a production department for a period.
7 Holds costs of materials until they are used in production or as factor overhead.
Choose one of these answers:
A- Equivalent units of production.
B- Factory overhead account.
C- Finished goods inventory account.
D- Materials requisition.
E- Process cost summary.
F- Raw materials inventory account.
G- Work in the process inventory account.