When applying overhead, the total amount incurred for the period is debited to Work in Process Inventory. True False Cost accounting concepts and procedures are only useful in product manufacturing entities True False Predetermined overhead rates are calculated by dividing estimates of the coming year's total factory overhead cost by an estimated usage or capacity of some unit of related activity (such as direct labor hours). True False In a service firm, the entries to record the completion of a project and billing the client include a CREDIT to Work in Process. True False In a process costing system, the products in a single batch may differ from each other. True False Direct materials and conversion costs are usually tracked separately when determining equivalent units of production. True False