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Which of the following statements about a process costing system is incorrect?

In a process

costing system, overhead can be underapplied or overapplied just as in job-order costing.

In a process costing system, each processing department has a work in process account.

In a process costing system, materials costs are traced to units of products.

In a process costing system, equivalent units are separately computed for materials and for conversion costs.

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