1. Select the response that indicates the correct sequence of product cost flows from production to sale. A. Raw materials, work in process, finished goods, and cost of goods sold B. Cost of goods sold, finished goods, work in process, raw materials C. Work in process, finished goods, cost of goods sold D. Raw materials, finished goods, cost of goods sold 2. Which of the following statements is true assuming the manufacturing overhead account is overapplied? A. The predetermined overhead rate is too low B. The amount of costs in work in process is less than actual production costs C. Cost of goods sold will be debited at the end of the period when the manufacturing overhead account is adjusted D. If the allocation base was estimated correctly the amount of estimated overhead was greater than the actual overhead 3. Concisely explain how using variable costing for management purposes may help a manufacturer to control the problem of excess inventory accumulation. (worth 2 point)