1. Costs are accumulated and summarized by department in a job order cost system. T/F

2. As jobs are completed, their costs become part of finished goods inventory. T/F

3. A materials requisition is used as the basis for a journal entry that records the issuance of materials. T/F

4. A predetermined factory overhead rate is calculated by dividing the estimated activity base by the estimated total factory overhead costs. T/F

5. A debit balance in the factory overhead account is called over-applied factory overhead. T/F