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Problem 1: Which of the following statements are true?
I. In a normal job order costing system, factory overhead is applied using predetermined rates times actual inputII. In a job order costing system, costs are accumulated for each individual job
a. I onlyb. II onlyc. Both I and IId. None of the statements are true
Problem 2: Over-applied overhead that is material in amount is allocated between Finished Goods inventory, Work in process Inventory and Cost of Goods sold at year end. Over-applied factory overhead that is immaterial in amount is closed to Cost of Goods Sold at year end.
a. First and second sentence are trueb. First and second sentence are falsec. Only the first statement is trued. Only the second statement is true
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