Indicate whether the statements are True or False. [Select) 1. The cost object in a job order system is the specific job whereas the cost object in a process costing system is the process. [Select 2. If beginning inventory of 5,000 units is 30% complete as to materials, 30,000 new units are started and there were 8,000 in ending inventory 60% complete, the FIFO equivalent units of production for materials were 30,300. Select) 3. Factory Payroll is a nominal account used to record operating payroll expenses for the determination of net income in the income statement. [Select] 4. The three cost categories incurred by both job order and process operations are: Direct Material, Direct Labor, and Factory Overhead. Select) 5. After you compute equivalent units of production, you no longer need to beconcerned with the total number of actual units. [Select 1 6. The FIFO method uses only current period's costs and activities to compute the cost per equivalent unit for that period. Select 7. The Raw Materials account is credited for the cost of materials transferred to Work In Process (WIP) but not for the cost of indirect materials which is transferred to WIP directly from Factory Overhead. Select) 8. The journal entry to record the sale of goods manufactured would Select] 8. The journal entry to record the sale of goods manufactured would normally include: a debit to Cost of Goods Sold and Credit to Sales for the same amount. Select) 9. The journal entry to record the depreciation of factory equipment would include: a debit to Accumulated Depreciation and a credit to Factory Overhead. [ Select 10. The journal entry to record the cost of goods manufactured would include: a credit to Work in Process and a debit to Finished Goods