If factory overhead applied exceeds the actual costs, overhead is said to be under applied. True False 2 True . If the under applied factory overhead amount is immaterial, it is transferred to Cost of Goods Sold at the end of the fiscal year. True False Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet. False In the job order costing system, the finished goods account is the controlling account for the factory overhead ledger. True False The inventory accounts generally maintained by a manufacturing firm are only finished goods and materials. . True . False Generally accepted accounting principles require companies to use only one factory overhead rate for product costing. True False Activity-based costing is a method of accumulating and allocating costs by department True False s. Interim financial statements for a manufacturing business would report over applied factory overhead as a deferred item on the balance sheet True False - Industries that typically use process cost systems include chemicals, oil, metals, food, paper, and pharmaceuticals. True False The direct materials costs and direct labor costs incurred by a production department are referred to as conversion costs. . True False The direct labor costs and factory overhead costs incurred by a