Which of the following statements is true? 1. When materials are purchased in a process costing system, a work in process account is debited with the cost of the materials 2. The units in beginning work in process Inventory plus the units started into production must equal the units transferred out of the department plus the units in ending work in process Inventory. Multiple Choice O Statement 1 is true. O Statement 2 is true. О Both statements are true. О Neither statement is true.
Which of the following statements is true? 1. When materials are purchased in a process costing system, a work in process account is debited with the cost of the materials 2. The units in beginning work in process Inventory plus the units started into production must equal the units transferred out of the department plus the units in ending work in process Inventory. Multiple Choice O Statement 1 is true. O Statement 2 is true. О Both statements are true. О Neither statement is true.
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Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 8SQP
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Transcribed Image Text:Which of the following statements is true?
1. When materials are purchased in a process costing system, a work in process account is debited with the cost of the materials
2. The units in beginning work in process Inventory plus the units started into production must equal the units transferred out of the department plus
the units in ending work in process Inventory.
Multiple Choice
O
Statement 1 is true.
O
Statement 2 is true.
О
Both statements are true.
О
Neither statement is true.
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