Question Completion Status: QUESTION 1 For each of the following statements, determine if it applies to Process Costing. Job Costing, Both, or Neither. Conversion costs are included in the cost of the product. I. Process Costing System Only II. Neither Job Costing or Process Costing III. Both Job Costing and Process Costing IV. Job Costing System Only V A baker with a shop that makes specialty wedding cakes will use this type of Product Costing System. Costs are assigned to the product as it is manufactured. A company that makes a variety of vibrant paint colors for interior walls will use this type of Product Costing System. Multiple Work In Process Inventory accounts are maintained by the company The company offers many different products that each have a specialized manufacturing process