Please answer if TRUE OR FALSE

1. Uniformly assigning the costs of resources to cost objects when those resources are actually used in a non-uniform way is called activity based costing. (FALSE) 2. In a Cost Volume Profit (CVP) analysis, mixed costs should not be separated into fixed and variable components, rather they should be treated as their own unique cost category. ?? 3. Unlike direct materials and direct labor, actual overhead costs are not traced directly to individual jobs, yet each job's total cost must include estimated overhead costs. ?? 4. At the end of the year, a company does not adjusts its estimated overhead to the actual amount of overhead incurred for that year, because doing so would create an out of balance situation in the overhead account. ?? 5. In process operations, depending on the nature of the process, each process applies Direct Labor, Overhead, and additional Direct Materials to move the product toward completion. Each process or department in the series produces finished goods ready for sale to customers. 6. Process Costing is used for the production of large, unique, or high-cost items that are built to order, rather than mass produced, where many costs can be directly traced to each job. 7. Job order costing systems use one Work in Process Inventory account, whereas process costing systems use a separate Work in Process Inventory account for each process. 8. Sales mix is the ratio of the volumes of the various products. 9. Period Costs are those production costs necessary to create a product and consist of: direct materials, direct labor, and factory overhead. Overhead refers to production costs other than direct materials and direct labor. Product costs are capitalized as inventory during and after completion of the products; they are recorded as cost of goods sold when those products are sold