Indicate Whether Each of the Following Statements About Process Costing

Short Answer

Indicate whether each of the following statements about process costing systems is true or false.
The number of equivalent units can be calculated by the FIFO method or by the weighted average method.______
For Company X,the cost in beginning work in process was $18,000; costs incurred during the month were $52,100; the number of equivalent units for the month was 8,400.Company X calculates equivalent units by the weighted average method.The cost per equivalent unit was $6.20.______
The allocation of costs between products transferred out and those still in process at the end of the period is shown on a cost of production report.______
The weighted average method of calculating equivalent units takes into account the stage of completion of beginning work in process but not ending work in process.______
Many companies use the weighted average method to calculate equivalent units because the method is relatively easy to use.______