Indicate Whether Each of the Following Statements About Product Costing

question 68

Short Answer

Indicate whether each of the following statements about product costing systems is true or false.
The type of product made by a manufacturer affects the type of accounting system that it should use to calculate the costs of its products.______
Hybrid costing systems are used by service businesses,but not manufacturing companies.______
A company that manufactures high-volume industrial chemicals such as sulfuric acid would use a job-order costing system.______
An automobile repair shop would use a job-order costing system to assign costs to individual jobs.______
Only process costing systems require averaging in assigning costs to products.______

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