Reference no: EM132752517

Problem 1: The cost of the goods is transferred to which account when goods are completed:

Select one:

a. finished goods inventory to cost of goods sold

b. work in process to cost of goods sold

c. overhead to finished goods inventory

d. work in process to finished goods inventory

e. None of the other answers are correct

Problem 2: Overapplied overhead indicates:

Select one:

a. budgeted overhead differed from actual overhead costs

b. budgeted activity differed from actual activity

c. budgeted overhead in the next reporting period will be underapplied

d. either budgeted overhead differed from actual overhead costs or budgeted activity differed from actual activity or both

e. None of the other answers are correct