Questions:
1. Under a JIT inventory system, the differences between FIFO and weighted-average costing methods are reduced.
2. When the FIFO method is used to prepare a production report, costs to the next department are accounted for in two separate blocks.
3. Costs are accumulated by department in a process costing system.
4. Operation costing is a hybrid system that employs certain aspects of both job-order and process costing.
5. Under job-order costing, costs are accumulated by department and are assigned equally to all units passing through the department during the period.