Term
| A process cost accounting system is appropriate for similar products that are continuously mass produced. |
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Term
| Factory labor should be assigned to selling and administrative expenses on a proportionate basis. |
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Term
| In a job order cost system, each entry to the Work In Process Inventory account should be accompanied by a posting to one or more job cost sheets. |
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Term
| Accumulating and assigning manufacturing costs are two important activities in a job order cost system. |
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Term
| At the end of the year, underapplied overhead is usually credited to Cost of Goods Sold. |
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Term
| Overapplied overhead means that actual manufacturing overhead costs were greater than the manufacturing overhead costs applied to jobs. |
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Term
| Actual manufacturing overhead costs are assigned to each job by tracing each overhead cost to a specific job. |
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Term
| Direct materials requisitioned from the storeroom should be charged to the Work In Process Inventory account and the job cost sheets for the individual jobs on which the materials were used. |
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| A job order cost system is most appropriate when a large volume of uniform products are produced. |
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| Finished Goods Inventory is charged for the cost of jobs completed during a period. |
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