Question 4 (1 point) Listen Several steps related to production are completed periodically during the production process. Which of the following is FALSE with regards to periodic processing during the production process: A difference between total debits and total credits is call a variance. Periodically these variances must be settled. They are settled by posting to the appropriate General Ledger accounts. For products that are large and take a long time, unfinished products are considered Work In Progress (WIP) inventory and must be properly accounted for in the General Ledger. A company will periodically calculate WIP and make postings in the General Ledger. Costs not directly associated with production are indirect costs (utilities, maintenance, management salaries, insurance, rent etc). These costs are accumulated in specified costs centers and are periodically allocated to production orders based on pre-established rules. Costs not directly associated with production are indirect costs (utilities, maintenance, management salaries, insurance, rent etc). These costs are just ignored and not allocated or charged anywhere or recuperated in any manour.