QUESTION 1 (12 POINTS): Match each of the following terms with the phrase that most cody d only once L. Overallocated overhead 2. Cost of goods available for sale 3. Cost of goods manufactured 4. Process costing system 5. Direct materials 6. Product costs 7. Job-order costing system 8. Underallocated overhead 9. Indirect materials 10. Work in process 11. Manufacturing overhead 12. Predetermined overhead rate A Costs assigned to the goods produced; also known as manufacturing costs B. Materials costs that are not traced directly to products produced C Cost of items that are completed and transferred from Work in Process Inventory to Finished Goods Inventory D. Costs that are identified with accounting periods rather than with goods produced E Actual overhead is greater than overhead that has been allocated to products F. Method of assigning overhead costs that uses multiple allocation bases G System that uses job-order sheets to collect costs for each individual job H. 1 Cost of all materials and parts that are directly traced to the items produced Beginning balance in the Finished Goods Inventory plus cost of goods manufactured Overhead allocated to products is greater than the actual overhead costs incurred Used by companies that produce large quantities of identical items K L. Cost of all manufacturing activities other than direct material and direct labor M. Inventory account that contains the cost of goods that are only partially completed N. Amount determined at the beginning of the period to be used to allocate overhead to production