Which of the following statements about costing systems is FALSE?

When computing the cost per equivalent unit under the weighted-average method of process costing, it is necessary to consider the percentage completion of the physical units in the beginning work in process inventory.

Variable costing is generally used for internal financial reporting.

Absorption costing is generally used for external financial reporting.

If a companys product is composed of mass-produced homogeneous units, then the company should use process costing rather than job order costing.