All of the following statements are correct when referring to process costing except: Costs are accumulated by department. A B. A process costing system has the same basic purposes as a job-order costing system. C. Units produced are indistinguishable from each other. Process costing would be appropriate for a movie studio that makes a handful of hit movies per year. E. D Process costing would be appropriate for a breakfast cereal manufacturer. 2 Haydn Corporation uses the weighted-average method in its process costing system. The ending work-in-process inventory consists of 10,000 units. The ending work-in-process inventory is 100 % complete with respect to materials. The cost per equivalent unit for the period is $3.75 for material and $1.25 for conversion cost If the ending balance of work-in-process inventory account is $40,625, what is the percentage of completion with respect to conversion cost in the ending work-in-process inventory account? 8% A. B. C. 92% 25% 31% None of the above. D. E