Five of the following statements are patently false, while the other statements are true. For this assignment, find and mark the five false statements. Then, re-word the false statements to make them true.

• In a process costing environment involving multiple departments, raw materials are only introduced in the first department, but labor and overhead may occur in any department.
• The big difference between job costing and process costing is that with process costing, costs are captured for each process or department rather than for each job.
• A job costing environment uses a job cost sheet, but a process costing environment uses a cost of production report.
• Process costing would be logically suited to a manufacturer of barbed wire fencing material.
• An item is not considered in the equivalent units calculations until it is a finished good.
• Factory overhead is not applied in a process costing environment.
• It would be logical to maintain a separate Work in Process ledger account for each department.
• The balance sheet of a business that uses process costing methods would include work in process and finished goods, but not raw materials inventory.
• Process costing can be applied on a weighted-average or FIFO basis.