Identify each statement as true or false. 1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion. 2. A process cost system is used when each finished unit is indistinguishable from another. 3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting. 4. In a process cost system, costs are tracked by individual jobs. 5. Job order costing and process costing track different manufacturing cost components. 6. Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead. 7. Costs flow through the accounts in the same basic way for both job order costing and process costing. 8. In a process cost system, only one work in process inventory account is used. 9. In a process cost system, costs are summarized in a job cost sheet. 10. In a process cost system, the unit cost is the sum of materials costs and conversion costs, each divided by their respective equivalent units. Wildhorse Company purchases $65,000 of raw materials on account, and it incurs $78,000 of factory labor costs. Supporting records show that (a) the Assembly Department used $31,200 of direct materials and $45,500 of direct labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments, (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) The Smelting Department of Pharoah Company has the following production data for November. Beginning work in process 2,240 units that are 100% complete as to materials and 20% complete as to conversion costs: units completed and transferred out 10,080 units; and ending work in process 7,840 units that are 100% complete as to materials and 40% complete as to conversion costs. Compute the equivalent units of production for (a) materials and (b) comversion costs for the month of November. In Blossom Company, total materials costs are $33.700, and total conversion costs are $55.080 for June. Equivalent units of production are materials 10,000 and comversion costs 12,000 . Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, 6 -.s. 2.25.) Materials cost per unit Comversion cost per unit $ eTextbook and Media Compute the unit cost for total manufacturing costs. (Round answer to 2 decimal places, e.8. 2.25.) Total manufacturing cost per unit Blossom Comparyy has the following production data for April: units completed and transferred out 32,000, and ending work in process 4,000 units that are 100% complete for materials and 40% complete for conversion costs. If unit materials cost is $3 and unit corversion cost is $6 Determine the costs to be assigned to the units completed and transferred out and the units in ending work in process. Completed and transferred out Ending work in process 5