Reference no: EM132632386

Question 1.) The entry to record Cost of Goods Sold includes a debit to Finished Goods Inventory. True or False?

Question 2.) The Cost of Goods Manufactured Schedule in a Job Order Cost System, contains:

A.) Direct Materials Used

B.) Direct Labor Used

C.) Manufacturing overhead Applied

D.) All the Above

Question 3.) The Predetermined overhead rate is computed by deviding estimated:

A.) Level of activity by estimated overhead costs.

B.) level of activity by expected overhead costs

C.) overhead costs by estimated costs of jobs

D.) expecteded overhead costs by expected activity base

Question 4.) Each debit to Work in Progress Inventory must be accompanied by a corresponding posting to one or more job cost sheets. True or False?

Question 5.) A ctual overhead costs are credited to the Manufacturing Overhead account. True or False?