Answer the following statements true (T) or false (F)
1. When a job is completed, the total cost of the job is recorded with a debit to Finished Goods Inventory and a credit to Work-in-Process Inventory.
2. When goods are transferred from the Finished Goods Inventory account to the Cost of Goods Sold account, the product costs move from the balance sheet to the income statement.
3. Manufacturing overhead costs allocated to a job amounted to $492,000. The actual manufacturing costs incurred during the year were $570,000. Overhead costs have been underallocated.
4. During the year, a company incurred $498,000 of manufacturing overhead costs and allocated $510,000 of manufacturing overhead costs. At the year-end, the adjustment entry needed to adjust the Manufacturing Overhead account balance to zero will include a debit to Cost of Goods Sold.
5. During the year, a company incurred $520,000 of manufacturing overhead costs and allocated $480,000 of manufacturing overhead costs. At year-end, the adjustment entry needed to adjust the Manufacturing Overhead account balance to zero will include a debit to Cost of Goods Sold.
1. TRUE
2. TRUE
3. TRUE
4. FALSE
5. TRUE
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