1. Three costs in every product are

		direct materials, direct labor, and period costs
		direct materials, work in process, and manufacturing overhead
		direct materials, direct labor, and manufacturing overhead
		direct materials, work in progress, and finished goods

2. What is the journal entry for under applied overhead?

		Manufacturing overhead Finished Goods Inventory
		Finished Goods Inventory Manufacturing Overhead
		Manufacturing overhead Cost of goods sold
		Cost of goods sold Manufacturing overhead

3. Use a piece of scrap paper to prepare a cost of Goods Manufactured from the following numbers: Direct materials -$69,000. Direct Labor-$27,000. Factory Overhead $34,000.

Beginning work in process inventory $15,000. Ending Work in process Inventory $19,500 What are the total manufacturing costs incurred?

		$103,000
		$130,000
		$96,000
		$157,000

4. Use a piece of scrap paper to prepare a cost of Goods Manufactured from the following numbers: Direct materials -$69,000. Direct Labor-$27,000. Factory Overhead $34,000.

Beginning work in process inventory $15,000. Ending Work in process Inventory $19,500

What is the cost of goods manufactured?

		$130,000
		$103,000
		$125,500
		$145,000

5. Which describes process costing?

		unique products
		special orders
		small quantities of one of a kind items
		homogeneous product