true or false and multiple choice questions. please answer it thank you in advance.

then just anwer true or false questions.or what you can. cause i am paying for this and i will again after

1. Problem 1 True-False Instruction: In the space provided before the statement, write T if the statement is correct or F if the statement is incorrect. To calculate weighted-average equivalent production you do not need to know the number of units in the beginning inventory. 2. Equivalent production calculated using FIFO is higher than equivalent production calculated using weighted average. 3. Departmental overhead rates can be used by both job-order and process costing firms. 4. A multiproduct company cannot use standard costing. 5. Cost of Goods Sold and inventory accounts have debit balances. Variance accounts have only credit balances. _7. A process cost accounting system is best used by manufacturers of like units of product that are not distinguishable from each other during a continuous production process. 8. The process cost system is appropriate where few products are manufactured and each product is made to customers' specifications. 9. If a company has no inventories, the weighted-average approach and the FIFO approach will result in the same income. _10. Although weighted average and FIFO may give different values for inventory, the resulting income will always be the same. 6. Problem 2 True/False Questions Instruction: In the space provided before the statement, write T if the statement is correct or Fif the statement is incorrect. _1. When materials are purchased in a process costing system, a work in process account is debited with the cost of the materials, 2. Any difference in the equivalent units calculated under the weighted-average and the FIFO methods is due to the units in the ending work in process inventory. 13. The equivalent units in beginning work in process inventory plus the equivalent units for the work done during the period equals the units transferred out plus the equivalent units in ending work in process inventory. 4. There is no difference in the unit costs computed under the weighted average and FIFO methods of process costing if there are no beginning work in process inventories. _5. Under the weighted average method of process costing costs from the prior period are averaged with those of the current period in computing unit costs. 6. In a process costing production report the "Cost to be accounted for" will be the same whether the weighted average or the FIFO method is used. -7. Under the FIFO method of product costing, equivalent units of production consider units in the beginning inventory as if they were started and completed during the current period. 8. The production report of a company using the FIFO cost method likely would show goods transferred from a department in two parts--one part consisting of units from the beginning inventory completed and transferred, and the other part consisting of units that were both started and completed during the month. 9. In computing the cost per equivalent unit on the production report, costs in the beginning work in process inventory are kept separate from current period costs when the FIFO method is used 10. A major advantage of the FIFO method is that it allows managers to judge the performance of the current period independently of the performance of the prior period. 11. Equivalent units of production are the number of units that could have been manufactured from start to finish during an accounting period. 12. When the FIFO method is used to prepare a production report, costs to the next department are accounted for in two separate blocks. _13. Costs are accumulated by department in a process costing system. 14. Operation costing is a hybrid system that employs certain aspects of both job-order and process costing. _15. If a company uses average costing instead of FIFO they will still get the same unit costs. Problem 3 Multiple Choice Questions Instruction: Encircle the letter that corresponds to the letter of your choice. 1. ABC Company made the following journal entry. Work in Process Inventory P 200,000 6/33 Direct Labor 188,000 Direct Labor Rate Variance 12,000 From this entry we can tell that ABC uses a. job-order costing. b. process costing c. standard costing d. normal costing 2. CDE Company made the following journal entry. Finished Goods Inventory P250,000 Work in Process Inventory P250,000 From this entry we can tell that CDE uses a job-order costing. b. process costing c. standard costing d. any of the above. 3. Which of the following is NOT relevant in determining weighted average unit cost in process costing? a. Cost of beginning inventory. b. Equivalent unit production in beginning inventory. c. Equivalent unit production in ending inventory. d. Units completed 4. Standard process costing does NOT require information about a. units completed during the period. b. equivalent unit production in ending inventory. c. standard cost per unit. d. actual unit cost for the period. 5. A company that uses job-order costing a. cannot use standard costs. b. accumulates costs by department c. probably makes a single product. d. does not have to calculate equivalent production. 6. Which company is most likely to use job-order costing? a. A brewery b. An automobile manufacturer. c. A bridge builder d. A button manufacturer 7. Which company is most likely to use process costing? a. A manufacturer of nuclear reactors. b. A construction contractor. 7/33 c. A cannery. d. A textbook publisher 8. Which cost accumulation method is most likely to be used by a company that mass produces similar products? a. Actual costing c. Job-order costing. b. Normal costing d. Standard costing. 9. Standard costing can be used in a. only job-order costing systems. b. only process costing systems. c. either job-order or process systems. d. either manufacturing or retailing firms. 10. Which of the following is the same whether the company uses standard process costing or actual process costing? a. Equivalent production. b. Cost of goods transferred from work in process to finished goods. c. Net income for the period. d. Cost per unit of ending inventory of work in process. 11. It is usually necessary to calculate equivalent unit production for a. materials b. conversion costs c. materials and conversion costs. d. materials, conversion costs, and overhead. 12. If a company uses actual process costing, the amount transferred from Work in Process Inventory to Finished Goods Inventory is the cost of a. equivalent unit production for the period. b. units completed during the period. c. units completed and sold during the period. d. all units worked on during the period. 13. If a company uses standard process costing, the amount transferred from Work in Process Inventory to Finished Goods Inventory is the a standard cost of equivalent unit production for the period. b. standard cost of units completed during the period. c. actual cost of units completed and sold during the period. d. actual cost of all units worked on during the period. 14. Under standard costing, the amount of direct labor cost charged (debited) to Work in Process Inventory is a standard labor hours at standard rates. b. standard labor hours at actual rates. c. actual labor hours at actual rates. d. actual direct labor cost incurred. 15. A company that uses standard costing a. must make only one product. b. always has a volume variance unless normal capacity and practical capacity are the same. c. shows higher incomes than it would if it used actual costing d. shows the same per-unit cost of inventory each month. 16. The numerator of weighted average unit cost calculations is a current period cost. b. cost of beginning inventory. c current period cost plus cost of beginning inventory. d. cost of goods sold. 17. The numerator of the FIFO unit cost calculation is a current period cost b. cost of beginning inventory. c current period cost plus cost of beginning inventory. d. cost of goods sold