Answer the following statements true (T) or false (F)
1. The cost of indirect materials is transferred out of the Manufacturing Overhead account and accumulated in the Raw Materials Inventory account.
2. Work-in-Process Inventory is debited when indirect labor costs are incurred in a job order costing system.
3. The actual direct labor costs are assigned to individual jobs, and the actual direct labor cost is recorded with a debit to Work-in-Process Inventory.
4. The costs transferred from Work-in-Process Inventory to Finished Goods Inventory are called Cost of Goods Manufactured.
5. Most companies streamline the tracking of labor costs through electronic means, using employee ID cards and job numbers to assign labor charges to individual jobs.
1. FALSE
2. FALSE
3. TRUE
4. TRUE
5. TRUE
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Answer the following statement true (T) or false (F)
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