Indicate Whether Each of the Following Statements About Process Costing

Indicate whether each of the following statements about process costing systems is true or false.The number of equivalent whole units can be calculated by the FIFO method or by the weighted average method.For Company X, the cost in beginning work in process was $18,000; costs incurred during the month were $52,100; the number of equivalent whole units for the month was 8,400. Company X calculates equivalent whole units by the weighted average method. The cost per equivalent whole unit was $6.20.The allocation of costs between products transferred out and those still in process at the end of the period is shown on a cost of production report.The weighted average method of calculating equivalent whole units takes into account the stage of completion of beginning work in process but not ending work in process.Many companies use the weighted average method to calculate equivalent whole units because the method is relatively easy to use.