1.

At the end of the month, the balance in the Finished Goods account in the general ledger must agree with the total of the balances shown on the materials ledger cards.

True

False

2.

The final step in completing a job cost sheet is to compute the cost per unit of the finished job.

True

False

3.

The sale of finished goods requires entries to record both the selling price and the cost of the job.

True

False

4.

Spoiled goods that can be sold as is are known as seconds.

True

False

5.

If the market price of scrap fluctuates, the scrap inventory ledger card will not show the value of the scrap inventory, only the quantity.

True

False