Which of the following statements is false with respect to job-order costing and process costing? Multiple Choice Both systems assign materials, labor, and manufacturing overhead costs to products. Both systems use the same basic manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. Both systems are used in situations where identical units of a single product are produced on a continuous basis. The flow of costs through the manufacturing accounts is basically the same in both systems. Which of the following journal entries properly records overhead applied of $7,000 in the Formulating Department? Multiple Choice Work in Process-Formulating Manufacturing Overhead 17,000 7,000 Finished Goods-Formulating Manufacturing Overhead 7,000 7,000 Manufacturing Overhead Finished Goods-Formulating 7,000 7,000 Manufacturing Overhead Work in Process-Formulating 7,000 7,000 Which of the following journal entries properly records the transfer of $7,000 of manufacturing costs incurred to fulfill orders that have been completed and shipped to customers? Multiple Choice Finished Goods Cost of Goods Sold 7,000 17,000 Cost of Goods Sold Finished Goods 7,000 7,000 Sales Finished Goods 7,000 17,000 Finished Goods Sales 17,000 17,000