Q1 & Q2

Which of the following statements is/are TRUE? (Choose onlyr 'l answer) Q i.Al| spoilage costs should be charged to period costs O 2. Normal spoilage is inventorised as part of product cost O 3. Abnormal spoilage costs should be charged to period costs O 4. Both 2 and 3 are correct. The major difference between weighted average and FIFO is 0 how completed and transferred units are treated 0 how ending inventory is treated 0 how beginning inventory is treated. 0 how current period costs are treated Equivalent unit calculations are necessary to allocate manufacturing costs 1 point between: O cost of goods manufactured and ending work in process O beginning work in process and units completed. O cost of goods manufactured and beginning work in process cost of goods manufactured and cost of goods sold. In both job and process costing, the journal entry to record predetermined 1 point overhead applied is. O Dr WIP and Cr RM inventory, salaries payable and MOH Control (actual). Dr WIP and Cr MOH Control(applied). O Dr MOH Control and Cr WIP and RM inventory Dr MOH Control and Cr WIP inventoryIn both job and process costing, the journal entry to record completed goods 1 point is. O Dr WIP and Cr MOH Control O Cr FG inventory and Cr MOH Control O Dr FG inventory and Cr WIP inventory O Dr WIP inventory and Cr FG inventory In both job and process costing, the journal entry to record completed goods 1 point is. O Dr WIP and Cr MOH Control Cr FG inventory and Cr MOH Control O Dr FG inventory and Cr WIP inventory O Dr WIP inventory and Cr FG inventoryIn both job and process costing, the journal entry to record cost of goods 1 point sold is Dr FG inventory and Cr Cost of goods sold Dr FG inventory and Cr Work in process. O Dr Cost of goods sold and Cr Work in process O Dr Cost of goods sold and Cr FG inventory In which of the following ways is normal spoilage accounted for? 1 point O Expensed in the period in which it occurred O Included as part of the unit cost of output O Written off to cost of goods soldIn which of the following ways is abnormal spoilage accounted for? O Expensed in the period in which it occurred O ncluded as part of the unit cost of output 0 Written off to cost of goods sold