Question: Indicate whether the following statements are TRUE or FALSE. 3) On the financial statements at year end, all product costs could be found in Raw

Indicate whether the following statements are TRUE or FALSE.

3) On the financial statements at year end, all product costs could be found in Raw Materials, Work in Process, Finished Goods, and Cost of Goods Sold.

5) Net income under variable costing is unaffected by changes in production levels.

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