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True or False 2. Allocating overhead involves the following four steps: 1) Assign overhead costs to departmental cost pools. 2) Select an allocation base for

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2. Allocating overhead involves the following four steps: 1) Assign overhead costs to departmental cost pools. 2) Select an allocation base for each department. 3) 2. Compute overhead allocation rates for each department and 4) Use departmental overhead rates to assign overhead costs to products

3.The schedule of cost of goods manufactured must be prepared monthly as it is a required general-purpose financial statement.

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