15) 15) When calculating the costs to be transferred using the FIFO method, we should not include costs assigned in the previous period to units that were in process at the beginning of the current period but are now included in the units transferred. 16) 16) In hybrid-costing systems, managers use process costing to account for the conversion costs and job costing for the material and customizable components. 17) Under standard costing the cost per equivalent-unit calculation is more difficult than in either weighted average or FIFO. 18) Standard costing is NOT possible in a firm that uses process costing 19) Process-costing systems using standard costs record standard direct material costs in Direct Materials Control and standard conversion costs in Conversion Costs Control. 20) 20) In companies that produce masses of identical or similar units of output and consequently use process-costing systems, it is relatively easy to set standards and use a standard cost as the cost per equivalent unit