Answer the following statements true (T) or false (F)
1. In a process costing system, companies typically end each period with only Finished Goods Inventory.
2. Equivalent units of production are always the same as the total number of physical units finished during the period.
3. Equivalent units of production for direct materials and direct labor are always the same.
4. Equivalent units of production is an engineering term used to describe the process by which one company attempts to manufacture units of a product that are equivalent to the product manufactured by a competitor.
5. Conversion cost per equivalent unit is the combined costs of direct materials and factory overhead.
1. FALSE
2. FALSE
3. FALSE
4. FALSE
5. FALSE
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