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True or False. 1) In a service organization, service costs consist of direct labor costs and service overhead costs.
True or False.
1) In a service organization, service costs consist of direct labor costs and service overhead costs. TRUE OR FALSE
2) When there is no beginning work in process inventory, the average costing method will compute the same equivalent units as the FIFO costing method. TRUE OR FALSE
3) In a job order costing system, product costs are traced to worker groups. TRUE OR FALSE
4) Few actual production processes fit the definitions of job order costing or process costing exactly. TRUE OR FALSE
5) To prepare financial statements at the end of the accounting period, the actual manufacturing overhead cost for the period and the estimated manufacturing overhead cost that was applied during the period must be reconciled in both job order and process costing systems. TRUE OR FALSE
6) When manufacturing overhead costs are applied, the Work in Process Inventory account is increased. TRUE OR FALSE
7) It is easy to track costs to individual products in a continuous flow manufacturing process. TRUE OR FALSE
