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TRUE OR FALSE 1. A production cost report is prepared for each department. 2. Managers use production cost reports to determine prices. 3. The cost

TRUE OR FALSE

1. A production cost report is prepared for each department.

2. Managers use production cost reports to determine prices.

3. The cost flows in a process cost system are similar to cost flows in a job costing system.

4. Equivalent units determine how many units will be manufactured at the current production rate.

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