A process cost summary for a production department accounts for all costs assigned to that department during the period plus costs that were in the department's Work in Process Inventory account at the beginning of the period.

True

False

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

True

False

In a process operation, all labor that is used exclusively by a single production department is considered to be direct labor.

True

False

If the predetermined overhead allocation rate is 245% of direct labor cost, and the Baking Department's direct labor cost for the reporting period is $10,000, the following entry would be made to record the allocation of overhead to the products processed in this department:

Work in Process Inventory, Baking Dept

	24,500
Factory Overhead		24,500

True

False