Write T if the statement is correct and F if incorrect. 1. To calculate weighted average equivalent production you do not need to know the number of units in the beginning inventory. 2. Equivalent production calculated using FIFO is higher than equivalent production calculated using weighted average. 3. Departmental overhead rates can be used by both job order and process costing firms. 4. A multi product company cannot use standard costing. 5. Cost of goods sold and inventory accounts have debit balances.