Process costing is used to account for:
a. finished goods that are refined and processed further. b. large numbers of products that are produced in a non-repetitive processc. small numbers of products that are produced in batches. d. large numbers of identical products that are produced in a continuous manufacturing environmente. raw materials that are converted directly to finished goods.

In a fixed-term, level-payment reverse mortgage, sometimes called a reverse annuity mortgage, or ram, a lender agrees to pay the homeowner a monthly payment, or annuity, and expects to be repaid from the homeowner’s equity when he or she sells the home or obtains other financing to pay off the ram. consider a household that owns a $150,000 home free and clear of mortgage debt. the ram lender agrees to a $100,000 ram for 10 years at 6 percent. assume payments are made annually, at the beginning of each year to the homeowner. calculate the annual payment on the ram.