Under process costing, the unit cost of the completed units is less than the unit cost of the incomplete units.
1. In a process costing system, direct materials, direct labor, and manufacturing overhead are assigned to Work-in-Process Inventory for each process that uses them.
2. In a process costing system with multiple departments, one Work-in-Process Inventory account is maintained and the costs are transferred when a job is completed.
3. Under process costing, the unit cost of the completed units is less than the unit cost of the incomplete units.
4. At the end of an accounting period, the costs assigned to a production department can be split into the cost of units fully completed and transferred out, and the cost of units partially completed and remaining in the Work-in-Process Inventory of that department.
5. In a process costing system, a department's total production costs incurred in a particular period must equal the total costs transferred out of the department.
1. TRUE
2. FALSE
3. FALSE
4. TRUE
5. FALSE
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