Part 1 it's true or false each sentence

1. Controlling deals with choosing goals and deciding how to achieve them is an appropriate strategy. 2. The rst step in preparing a cost of production report is to compute equivalent units of production. 3. One ofthe primary uses of a cost of production report is to assist management in controlling production costs. 4. The FIFO method of process costing is simpler than the weighted average method. 5. Process manufacturers typically use large machines to process a continuous flow of raw materials into a finished state. 6. Activity-based costing can only be used to allocate manufacturing factory overhead. 7. Use of a plantwide factory overhead rate does not distort product costs when there are differences in the factory overhead rates across different production departments. 8. Period costs are operating costs that are expensed in the period in which the goods are sold. 9. For an automotive repair shop, the wages of mechanics would be classied as direct labor cost. 10. The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost. 11. The selection of the factory overhead allocation method is important because the method selected determines the accuracy of the product cost. 12. Indirect materials are any materials needed to make a product that can be directly traced to the product. 13. A single plantwide factory overhead rate assumes that all overhead is directly related to one activity representing the entire plant. 14. If the budgeted factory overhead cost is $460,000, the budgeted direct Ia bor hours are 80,000, and the actual direct labor hours are 6,700 for the month, the factory overhead rate for the month is $68.65 {if the allocation is based on direct labor hours). 15. A service organization will not use the job order costing method because it has no direct materials. 16. In a process costing system, indirect materials are charged to Work in Process 17. Costs of ending work in process inventory are included in the cost per equivalent unit computation. 18. Planning is the process of monitoring operating results and comparing actual results with the expected results. 19. A report analyzing how many products need to be sold to cover operating costs is not typically a managerial accounting report