Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 1

Label each statement below as either true ("T") or false ("F").
_________ 1. The cost per equivalent unit is computed as the total costs of a process divided by the number of equivalent units passing through that process.
_________ 2. Service companies are not able to use process costing.
_________ 3. Costs per job are computed in both job order and process costing systems.
_________ 4. Job order and process operations both combine materials, labor, and overhead in producing products or services.