True/False- Circle the best answer (18 points) T F 1. Multiple overhead rates may be applied to give more accurate product T F 2. In a job-order cost sheet only the totals by cost component are T F 3. In a process costing system, there is a separate Work-in-Process T F 4. Service firms cannot use a process costing approach because services T F 5. There is no difference in the unit costs computed under the weighted costs if departments consume resources differently recorded account for each process are never homogeneous or repetitive average and FIFO methods of process costing if there are no beginning T F 6. Under the weighted average method, the equivalent units in the T F 7. In a process costing system, the costs of one processing department T F 8. Theoretically speaking, the weighted average method in a process work-in-process inventories production report relate only to work done during the current period become the transferred-in costs of the next processing department. costing method provides a more realistic calculation of the costs incurred in a given period T F 9. The operation costing method assigns direct labor costs using the procedures of the process costing method a. Mention the three steps required on for any cost accounting system. (3 pts) b. What is the costing method that only considers current costs to calculate unit cost? (2 pts) If a department receives transferred-in units, what does the transferred-in cost represents? (2 pts) c. d. What costing procedure is recommended to assign direct material costs to units or batched when an operation costing method is used? (2 pts) In a process costing system if there are five sequential processes, where are the costs of the work in process account of the last process transferred to? True/False- Circle the best answer (18 points) T F 1. Multiple overhead rates may be applied to give more accurate product T F 2. In a job-order cost sheet only the totals by cost component are T F 3. In a process costing system, there is a separate Work-in-Process T F 4. Service firms cannot use a process costing approach because services T F 5. There is no difference in the unit costs computed under the weighted costs if departments consume resources differently recorded account for each process are never homogeneous or repetitive average and FIFO methods of process costing if there are no beginning T F 6. Under the weighted average method, the equivalent units in the T F 7. In a process costing system, the costs of one processing department T F 8. Theoretically speaking, the weighted average method in a process work-in-process inventories production report relate only to work done during the current period become the transferred-in costs of the next processing department. costing method provides a more realistic calculation of the costs incurred in a given period T F 9. The operation costing method assigns direct labor costs using the procedures of the process costing method a. Mention the three steps required on for any cost accounting system. (3 pts) b. What is the costing method that only considers current costs to calculate unit cost? (2 pts) If a department receives transferred-in units, what does the transferred-in cost represents? (2 pts) c. d. What costing procedure is recommended to assign direct material costs to units or batched when an operation costing method is used? (2 pts) In a process costing system if there are five sequential processes, where are the costs of the work in process account of the last process transferred to