1.The journal entries for process costing and job order costing are exactly the same.

True or False

2.Calculations involving equivalent units of production are our primary focus for Chapter 20.

True or False

3.In process cost accounting, equivalent units of production calculations are necessary to determine the dollar amount of costs to be transferred to Finished Goods Inventory.

True or False

4. Although there are two methods for performing EUP calculations discussed in Chapter 20, we only learn and use the weighted-average method, in accordance with our Learning Objectives.

True or False

5. When performing EUP calculations using the weighted-average method, percentage of completion information for both beginning and ending Work in Process Inventory is utilized in the calculations.

True or False