The FIFO costing method recognizes that the work and costs carried over from the prior period legitimately belong to that period. True False Process systems are characterized by a large number of homogeneous products passing through a series of processes. True False As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in a. cost of goods sold. b. finished goods. c. work in process. d. materials. When spoilage is assumed to be normal, it is not tracked separately but is simply included in the total cost of good units. True False Abnormal spoilage costs are treated the same as normal spoilage for process costing. True False