Wojtek Nakowski has prepared the following list of statements about process cost accounting. Identify each statement as true or false. 1 2. 3. 4 Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion. A process cost system is used when each finished unit is indistinguishable from another. Companies that produce soft drinks, motion pictures, and computer chips would all use process cost accounting. In a process cost system, costs are tracked by individual jobs. 5 Job-order costing and process costing track different manufacturing cost components. 7. Both job-order costing and process costing account for direct materials, direct labour, and manufacturing overhead Costs flow through the accounts in the same basic way for both job-order costing and process costing 8. In a process cost system. only one work in process inventory account is used 9 In a process cost system, costs are summarized in a job cost sheet. 229 PM