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1) If the underapplied factory overhead amount is material, it is transferred to

ID: 2355109 • Letter: 1

Question

1) If the underapplied factory overhead amount is material, it is transferred to Cost of Goods Sold at the end of the fiscal year. - True or False 2) A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for: a. work in process and finished goods b. work in process and factory overhead c. finished goods and cost of goods sold d. work in process and cost of goods sold

Explanation / Answer

1. False 2. C

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