True or false

1.Unlike direct materials and direct labor, actual overhead costs are not traced directly to individual jobs, yet each job's total cost must include estimated overhead costs.

2.At the end of the year, a company does not adjusts its estimated overhead to the actual amount of overhead incurred for that year, because doing so would create an out of balance situation in the overhead account.

3.In process operations, depending on the nature of the process, each process applies Direct Labor, Overhead, and additional Direct Materials to move the product toward completion. Each process or department in the series produces finished goods ready for sale to customers.