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5,6,7,8,9 and 10 please The following information is available: -EstimatedFactoryOverheadfortheyear-EstimatedDirectLaborHoursfortheyear--$6,0004,000ActualFactoryOverheadfortheyearActualDirectLaborHoursfortheyear$5,9304,020 5. Inventory sold during the year totaled $12,000. What is the journal entry? A. WIP

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The following information is available: -EstimatedFactoryOverheadfortheyear-EstimatedDirectLaborHoursfortheyear--$6,0004,000ActualFactoryOverheadfortheyearActualDirectLaborHoursfortheyear$5,9304,020 5. Inventory sold during the year totaled $12,000. What is the journal entry? A. WIP $12,000;FG$12,000 B. FG$12,000;COGS$12,000 C. FG $10,000; WIP $10,000 D. COGS $12,000;FG$12,000 6. A job order cost system would be appropriate for an accountant's business. A. True B. False 7. Job order cost accounting systems may be used to evaluate a company's efficiency. A. True B. False 8. Activity-based costing is a method of accumulating and allocating costs by department. A. True B. False 9. Job order cost systems can be used to compare unit costs of similar jobs to determine if costs are staying within expected ranges. A. True B. False 10. When the goods are sold their costs are transferred from Work in Process to Finished Goods. A. True B. False

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