True or false

erlap 1. A movie production company would likely use a job costing system to track revenues and costs. 2. A process costing system is used by companies that make identical units of product in batches. 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. When a manufacturing company purchases raw materials, the Raw Materials Inventory account is debited. 5. When direct materials are transferred into production, the journal entry includes a debit to the Work in Process Inventory account. 6. Underapplied overhead occurs when actual overhead costs are lower than overhead costs applied to jobs 7. The three most common allocation bases for establishing a predetermined overhead rate include direct labor hours, machine hours, and direct labor costs 8. The overhead costs applied to jobs using a predetermined overhead rate are recorded by debiting Work in Process Inventory and crediting Manufacturing Overhead. 9. Underapplied manufacturing overhead results in a debit balance in the Manufacturing Overhead account 10. All account names for job costing systems in service organizations are the same as those used by manufacturing companies