Label each statement below as either true (“T”) or false (“F”).
1. Job order and process operations both combine materials, labor, and overhead in producing products or services.
2. Costs per job are computed in both job order and process costing systems.
3. Service companies are not able to use process costing.
4. 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.