Respond that the following statements are TRUE or FALSE:

1) Under process costing, the unit cost of the completed units is less than the unit cost of the incomplete units.

2) 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, and the cost of units partially completed and remaining in the Work-in-Process Inventory of that department.

3) 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.

4) The equivalent units of production for direct materials and conversion costs must be the same.

5) In a process costing system, equivalent units must be calculated separately for materials and conversion costs.