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Which of the following statements are true? Conversion cost is the sum of direct labor...

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Accounting

Which of the following statements are true?
Conversion cost is the sum of direct labor cost and manufacturing overhead cost.
Conversion cost is the same thing as manufacturing overhead.
Conversion cost equals product cost less direct materials cost.
Multiple Choice
Only statement 1 is true.
Statements 1 and 3 are true.
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