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Which of the following statements is true? O When goods are sold, the Cost of Goods Sold account is debited and Work in Process

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Which of the following statements is true? O When goods are sold, the Cost of Goods Sold account is debited and Work in Process Inventory account is credited O When raw materials are purchased, the Work in Process Inventory account is debited O Factory labor should be assigned to selling and administrative expenses on a proportionate basis The calculation for the predetermined overhead rate is estimated annual overhead costs divided by an estimated volume of annual operating activity

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