1. Which of the following statements is true of the accounting for finished goods when a job is completed? a. Overhead costs are assigned to Finished Goods using a predetermined rate. b. Finished Goods is debited when goods are sold. c. The cost of completed units is credited to Work-in-Process and debited to Finished Goods. d. The costs of the completed job are retained in Work-in-Process until the proceeds are collectible for the job. 2. Slim Technology Inc. records the following amounts before reconciling the overhead variance. Applied overhead $567,000 Actual overhead 555,000 Normal cost of goods sold 701,250 Calculate the cost of goods sold for Slim Technology Inc. after adjusting for any overhead variance. a. $677,250 b. $12,000 c. $701,250 d. $689,250 3. Lithium Metals Inc. recorded sales of $200,000 and cost of goods sold of $160,000 in June 20X1. Its selling and administrative expenses totaled $12,000. Calculate the net operating income. a. $28,000 b. $40,000 c. $52,000 d. $12,000