True/False

1. In a JOB ORDER cost system, costs are assigned to each specific job.

2. In a process cost system, total costs are determined at the end of a period of time, such as a year.

3. In a process cost system, the unit cost is determined based on total manufacturing costs divided by the units finished and unfinished during the period.

4. The accumulation of the costs of materials, labor, and manufacturing overhead is the

same whether process cost system or job order cost system.

5. A job order cost system is most appropriate for customized or differentiated products

6. Equivalent units of production equals units completed and transferred out + units in

ending work in process based on percent of completion.

7. Two equivalent unit computations are necessary in the first departmentone for transferred in cost and the other for the current dept cost

8. The first step in preparing a production cost report is to determine the units finished and unfinished.

9. The cost of the materials used is computed based on a supporting document called job order cost sheets.

10. Time tickets show the wages of all those who work in the production company .