Identify the each statement below as either true or false. Process costing uses several Work in Process Inventory accounts. Service companies are not able to use process costing. u Costs perjob are computed in both job order and process costing systems. n Job order and process operations both combine materials, labor, and overhead in producing products or services. Prepare journal entries to record the following production activities for Hotwax. 1. Requisitioned $11,800 of indirect materials for use in production of surfboard wax. 2. Incurred $162,000 overhead costs (credit Other accounts). 3. Applied overhead at the rate of 150% of direct labor costs. Direct labor costs were $140,000 in the Mixing department and $80,000 in the Shaping department. Indicate which products are most likely to be considered as a job and which as a job lot. Products Job / Job lot 1. Wedding dresses for a chain of stores 2. Lawyer drafting estate plans 3. Wedding invitations 4. Mechanic repairing cars 5. Woman's tattoo 6. Hats imprinted with company logo