Answer the following statements true (T) or false (F)
1) A cellular phone manufacturer is more likely to use a process costing system rather than job order costing.
2) Both job order costing and process costing track the product costs of direct materials, direct labor, and manufacturing overhead through three inventory accounts on the balance sheet.
3) A process is one of a series of steps in manufacturing, usually associated with making large quantities of similar items.
4) Under process costing, a single Work-in-Process Inventory account is maintained for all processes, with a subsidiary ledger containing individual production cost reports for each process.
5) Under process costing, the costs incurred by each department are reported in a separate production cost report for each department.
1. TRUE
2. TRUE
3. TRUE
4. FALSE
5. TRUE
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What will be an ideal response?
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Indicate whether this statement is true or false.