Respond that the following statements are TRUE or FALSE:

1) A process costing system is generally used by companies that produce homogeneous products.

2) Under a process costing system, product costs are accumulated with respect to jobs completed.

3) Under a process costing system, costs of completed products are transferred to the Finished Goods Inventory at the end of the accounting period.

4) The combined production costs from all departments for completed products are transferred to the Cost of Goods Sold account immediately after the completion of all production processes.

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