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answwr all 17. Which one of the following should be equal to the balance of the Work In Process Inventory account at the end of
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17. Which one of the following should be equal to the balance of the Work In Process Inventory account at the end of the period? A) The sum of the costs shown on the job cost sheets of unfinished jobs B) The total manufacturing costs for the period D) The total of manufacturing overhead applied to work in process for the period The total of the amounts transferred from raw materials for the current period 18. At the end of the year, any balance in the Manufacturing Overhead account is generally eliminated by adjusting A) Raw Materials Inventory. Work In Process Inventory. D) Finished Goods Inventory. B) C) Cost of Goods Sold. 19. As of December 31, 2022, Nurkic Industries had $6,000 of raw materials inventory. At the beginning of 2022, there was $4.800 of materials on hand. During the year, the company purchased $1,062,000 of materials; however it paid for only $942,000. How much inventory was requisitioned for use on jobs during 2022? A) $1,030.800 B) $1,063,200 C) $1,060,800 D) $1,033,200 20. The two basic types of cost accounting systems are A) job order and process cost systems. B) process cost and batch systems. C) job order and batch systems. Djob order and job accumulation systems. 21. If Manufacturing Overhead has a credit balance at the end of the period, then A) management must take corrective action. B) overhead has been underapplied. C) the overhead assigned to Work in Process Inventory is less than the overhead incurred. D) overhead has been overapplied Step by Step Solution
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