True or False

1- Theoretically speaking, the weighted average method in a process costing method provides a more realistic calculation of the costs incurred in a given period.

2-The operation costing method assigns direct labor costs using the procedures of the process costing method.

3- In a job-order cost sheet only the totals by cost component are recorded.

a. Mention the three steps required on for any cost accounting system.

b. What is the costing method that only considers current costs to calculate unit cost?

c. If a department receives transferred-in units, what does the transferred-in cost represents?

d. What costing procedure is recommended to assign direct material costs to units or batched when an operation costing method is used?

e. In a process costing system if there are five sequential processes, where are the costs of the work in process account of the last process transferred to?