True/False–Circle the best
TF 1. Multiple overhead rates may be applied to give moreaccurate product costs if departments consume resourcesdifferently.
TF 2.In a job-order cost sheet only the totals by cost componentare recorded.
TF 3. In a process costing system, there is a separateWork-in-Process account for each process.
TF 4.Service firms cannot use a process costing approach becauseservices are never homogeneous or repetitive.
TF 5. There is no difference in the unit costs computed underthe weighted average and FIFO methods of process costing if thereare no beginning work-in-process inventories.
TF6. Under the weighted average method, the equivalent units inthe production report relate only to work done during the currentperiod.
TF 7. In a process costing system, the costs of one processingdepartment become the transferred-in costs of the next processingdepartment.
TF 8. Theoretically speaking, the weighted average method in aprocess costing method provides a more realistic calculation of thecosts incurred in a given period.
TF 9.The operation costing method assigns direct labor costsusing the procedures of the process costing method
