Task: Please help me with the True/False study guide for test review.
Problem 1. The cost of production report reports the cost of the goods sold.
a. True
b. False
Problem 2. In a process costing system, a separate work in process inventory account is maintained for each customer's job.
a. True
b. False
Problem 3. Process cost systems use job order cost cards to accumulate cost data.
a. True
b. False
Problem 4. When a process cost accounting system records the purchase of materials, the Materials account is credited.
a. True
b. False
Problem 5. The closer a company moves towards Just in Time production, the differences in unit costs between average costing and FIFO will be reduced.
a. True
b. False
Problem 6. Equivalent units of production are always the same as the total number of physical units finished during the period.
a. True
b. False
Problem 7. If the principal products of a manufacturing process are identical, a process cost system is more appropriate than a job order cost system.
a. True
b. False
Problem 8. The entry to transfer goods in process from Department X to Department Y includes a debit to Work in Process-Department X.
a. True
b. False
Problem 9. Gilbert Corporation had 25,000 finished units and 8,000 units were 35% complete. The equivalent units totaled 30,200.
a. True
b. False
Problem 10. If the costs for direct materials, direct labor, and factory overhead were $60,000, $35,000, and $25,000, respectively, for 20,000 equivalent units of production, the conversion cost per equivalent unit was $6.
a. True
b. False