which of the following statements is true or process costing?

Which of the following statements is true of process costing? It uses one Work in Process Inventory account. It tracks and assigns both period costs and product costs to units produced. It accumulates product costs by production departments. It assigns manufacturing overhead costs to products only in the last production process. Under process costing, the costs incurred by each department are recorded in: a job cost sheet. the Finished Goods Inventory account. the Cost of Goods Sold account. a production cost report. In a process costing system, production costs are: adjusted and allocated by jobs. not inventoried. directly shown on the income statement. accumulated by departments. Which of the following best describes the term equivalent units? partially completed units expressed in terms of fully complete units of output partially completed units of output that will be sold as is substitute of units that are partially completed different types of units that have same selling price Which of the following statements correctly describes the term conversion costs? the cost to convert finished goods to sales to customers the cost incurred for direct and indirect materials during production the cost of direct materials, direct labor, and manufacturing overhead costs incurred during production the cost of direct labor combined with manufacturing overhead The direct labor costs and manufacturing overhead costs required to produce finished goods from raw materials are called: transferred in costs. cost of sales. finished goods costs. conversion costs