Indicate Whether Each of the Following Statements About Cost Systems

Short Answer

Indicate whether each of the following statements about cost systems is true or false.Job-order cost systems accumulate product costs by department.Job-order cost systems are used by many companies to determine the cost of services provided to customers.Companies use job-order cost systems when they need to determine the cost of individual batches of products.Job-order cost systems allocate costs to homogeneous products.With a process cost system, the cost per unit of product is calculated by dividing total product cost by number of units produced in a batch.