Statement I: A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials to the work in process and cost of goods sold.

Statement II: The direct labor and overhead costs of providing services to clients are accumulated in a work-in-process account.

Group of answer choices

a. Only Statement I is True

b. Both Statements are True

c. Both Statements are False

d. Only Statement II is True