Indicate if any part of the following chart is incorrect. Direct materials Direct labor Overhead recorded Overhead

Indicate if any part of the following chart is incorrect.

Transcribed Image Text:

Direct materials Direct labor Overhead recorded Overhead rate Overhead allocation bases (drivers) Actual Costing Job Order System 1. Recorded at actual cost 2. Recorded at actual cost 3. Recorded at estimated cost 4. Overhead must be based on a single average company rate 5. None, since the full estimated cost is recorded Normal Job Order Costing System 6. Recorded at estimated cost 7. Recorded at actual cost 8. Recorded at allocated cost 9. Overhead must be based on departmental rates 10. Must be direct labor hours or direct labor cost