Which of the following statements is false? in process costing, costs are accumulated by department. in job-order costing, costs are accumulated by job order. in process costing, the cost per unit in a department is found by spreading the period's manufacturing costs over the production activity. in process costing, the total cost of each unit is found by dividing the total factory costs by the number of units completed. in job-order costing, the unit cost is found by dividing the job's total cost by the job's total units.

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.