Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
1. Companies group several individual overhead costs into cost pools to simplify the allocation process.
2. A cost pool should include costs that will all be allocated to a single cost object.
3. When a cost pool is used, costs are allocated individually to the cost object.
4. Using cost pools to group costs generally does not reduce the usefulness of the resulting product costs.