14.

Graded Exam #3

A company that uses a cost accounting system normally has only two inventory accounts: Finished Goods Inventory and Goods in Process Inventory.

Select one: True False

15.

Graded Exam #3 The predetermined overhead allocation rate based on direct labor cost is the ratio of estimated overhead cost for the period to estimated direct labor cost for the period. Select one: True False

17.

Graded Exam #3 After all process cost accounting journal entries are recorded and posted for a reporting period, the Factory Payroll account should have a zero balance. Select one: True FalseGraded Exam #3