TRUR/FALSE

7) In a process-costing system, the finished units of one process become the direct materials of the subsequent process. TRUE FALSE 8) If the number of equivalent units of 5,000 units in process is 4,000, it means that 80% of the 5,000 units are still in process. TRUE FALSE 9) Process costing is typically used in companies that tailor their goods or services to the specific needs of individual customers. TRUE FALSE 10) Whenever entries are made to Work In Process Inventory account, the job cost sheets should also be updated. TRUE FALSE 11) If 2,000 units were in process at the beginning, 10,000 units were transferred in from a previous process and 3,000 units are still in process, the number of units started and completed is 7,000. TRUE FALSE