The following lettered items represent a classification scheme for a statement of financial position and the numbered items represent accounts found on balance sheets. In the blank next to each account, write the letter indicating to which category it belongs. 
Definitions:
Weighted-Average Method
An inventory costing method that assigns an average cost to each unit on hand, calculated by dividing total cost of goods available for sale by total units available.
Work in Process Inventory
An account on the balance sheet that represents the cost of raw materials, labor, and overhead for products that are in production but not yet complete.
Equivalent Costs
The concept in cost accounting that represents the cost of materials, labor, and overheads in partially finished goods, expressed in terms of fully finished goods.
Conversion Cost
Conversion Cost refers to the combined costs of direct labor and manufacturing overheads incurred to convert raw materials into finished products.
Q56: London Co. uses a periodic inventory system.
Q77: In a perpetual inventory system, cost of
Q100: A simple journal entry requires only one
Q119: The steps in the preparation of a
Q121: In recording business transactions, evidence that an
Q122: Correcting entries<br>A) always affect at least one
Q124: If prepaid costs are initially recorded as
Q145: Pen & Stamp is a manufacturing company
Q147: In general, adjusting entries are required each
Q150: Action Real Estate received a check for