Answer the following statements true (T) or false (F)
1. Manufacturing overhead is allocated by debiting the Finished Goods Inventory account.
2. Manufacturing overhead is allocated by debiting the Work-in-Process Inventory account and crediting the Manufacturing Overhead account.
3. Traditionally companies have used direct labor hours, direct labor costs and machine hours as the primary cost drivers of manufacturing overhead costs.
4. The cost of goods manufactured is recorded with a debit to the Work-in-Process Inventory account and a credit to the Cost of Goods Manufactured account.
5. The cost of goods manufactured is recorded with a debit to the Finished Goods Inventory account and a credit to the Work-in-Process Inventory account.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. TRUE
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Discuss and exemplify how you might have to speak publicly in your college courses.
What will be an ideal response?