Which of the following statements about a process costing system is incorrect? Multiple Choice In a process costing system, each processing department has a work in process account. In a process costing system, equivalent units are usually separately computed for materials and then again for conversion costs. In a process costing system, overhead can be underapplied or overapplied just as in job-order costing. In a process costing system, when products are completed in each processing department, they move directly to the finished goods warehouse and costs are moved to the finished goods inventory account