1) If the underapplied factory overhead amount is material, it is transferred to Cost of Goods Sold at the end of the fiscal year. - True or False 2) A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for: a. work in process and finished goods b. work in process and factory overhead c. finished goods and cost of goods sold d. work in process and cost of goods sold