Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are completed whose job cost sheets total to $80,000. What account will be debited $80,000 to "close out" the job cost sheets when the goods are transferred from the production floor to the warehouse? Multiple Choice O WIP (work-in-process) Inventory manufacturing OH (overhead) O FG (finished goods) Inventory o o O COGS (cost of goods sold)