Reference no: EM132811994

Problem 1: Which of the following statements is not true about the use of a normal costing system?

Option 1: A normal costing system requires waiting until after a period end to complete the costing for all jobs completed during a period.

Option 2: Individual product costs are usually not adjusted for differences between actual and budgeted costs.

Option 3: Actual overhead costs are never directly assigned to products.

Option 4: Actual overhead costs never flow directly through the inventory accounts.