For the below questions, Indicate if the statements are true or false.

1. The costs attached to products that have not been sold are included in ending finished goods inventory on the balance sheet.

2. In a job-order costing system that is based on machine hours, the following formula would be used to compute the predetermined overhead rate:

Predetermined overhead rate = Estimated manufacturing overhead Estimated machine hours.

3. Job-order costing systems often use allocation bases that do not reflect how jobs actually use overhead resources.

4. A company estimated a total manufacturing overhead of $534,000 and $274,000 direct labor cost for the period. If the actual direct labor cost was $300,000 for the year, then the predetermined overhead rate for the year was 195% of direct labor cost.

5. Assigning manufacturing overhead to a specific job is complicated by the fact that manufacturing overhead is an indirect cost that is either impossible or difficult to trace to a particular job.