Reference no: EM13602022

1. A schedule that is used to ensure accuracy in computing product costs is (are)
A) none of the schedules listed here.
B) the schedules of the cost of goods manufactured and cost of goods sold.
C) the schedule of the cost of goods sold.
D) the schedule of the cost of goods manufactured.
E) the schedule of raw materials used.

2. Using normal costing, which of the following is false about actual overhead?
A) All of these are correct.
B) It is reconciled at the end of a period with applied overhead.
C) Actual overhead is recorded to the overhead control account during the period.
D) It is separated into many smaller accounts, such as indirect labor, supplies, etc.
E) None of these.

3. Which of the following sentences is not true?
A) Actual overhead costs always enter the Work-in-Process account.
B) When a job is complete, it must leave Work-in-Process and be entered into Finished Goods or Cost of Goods Sold.
C) The cost of a job includes direct materials, direct labor, and applied overhead.
D) None of these are correct.
E) All of these are correct.