1.If the predetermined overhead allocation rate is 250% of direct labor cost and the Finishing Department's direct labor cost for the reporting period is $20,000, the following entry would record the allocation of overhead to the products processed in this department:

true or false

2.In process costing, all indirect materials are charged directly to Work in Process Inventory.

true or false

3.Process costing systems use separate Work in Process Inventory accounts for each process.

true or false

4.The weighted-average method of process costing excludes the beginning work in process inventory costs in computing the cost per equivalent unit for the current period.

true or false

5.Units with a total cost of $65,000 were transferred from the Assembly department to the Painting department. The journal entry to record this transaction includes a credit to Work in Process InventoryPainting for $65,000.

true or false

6.If Department L uses $53,000 of direct labor and Department M uses $21,000 of direct labor, the following journal entry would be recorded using a process costing system:

true or false

7.A company incurred $50,000 of indirect labor costs in production. The journal entry to record this production activity includes a credit to Factory Overhead for $50,000.

true or false

8.Equivalent units of production are always the same as the total number of physical units finished during the period.

true or false

9.If Grayson Manufacturing incurred $17,400 for direct labor in the Assembly department and $10,300 for direct labor in the Painting department, the journal entry to record the labor used is:

true or false

10.If a department that applies process costing starts the reporting period with 40,000 physical units that were 80% complete with respect to direct materials and 50% complete with respect to direct labor, it must add 8,000 equivalent units of direct materials and 20,000 equivalent units of direct labor to complete them.

true or false

11.In a process costing system, the purchase of raw materials on account is credited to Accounts Payable.

true or false