1. True or False: 1. A work order costing system and a process costing system are two alternative methods for valuing inventory. 2. A company can use a work order costing system or a process costing system, but not both. _3. Managerial accounting applies to all forms of business organizations. _4. Determining the unit cost of manufacturing a product is a function of financial accounting. 5. The managerial function of organization and direction is primarily concerned with setting goals and objectives for the entity. 6. Manufacturing costs that cannot be classified as direct materials or direct labor are classified as "manufacturing overhead". 7. Raw material inventory shows the cost of finished products available for sale to customers. 8. In a process cost system, total costs are determined at the end of a month or year. 9. The allocation of the three manufacturing costs to work in process in a process cost system is the same as in a work order cost system. 10. Equivalent units of production must be calculated before unit costs of production can be calculated. 11. The physical units of a department are another name for equivalent units of production 12. A production cost report is an internal document for management that shows the production quantity and cost data for a particular job. 13. A cost driver generally does not have a direct cause-effect relationship with the resources consumed. 14. The first step in activity-based costing is to assign "manucafuring overhead" costs to products, using cost drivers. 15. Low-volume products often require more special handling than high- volume products