COMPLETION STATEMENTS (13pts) Cost accounting involves the measuring, recording, and reporting of costs. 2 There are two basic types of cost accounting systems system, and (2) system LA cost system is appropriate when similar products are continuously produced, whereas a cost system would be more appropriate if the product is custom-made. 4. In a job order system, raw materials purchased are charged to the account. s. Of these three accounts: Raw Materials Inventory, Factory Labor, and Manufacturing Overhead. is not a control account 6 If $20,000 direct materials are requisitioned for a job and $7,000 of indirect materials are requisitioned for general use, the debit to Work In Process Inventory should be for 2. The cost of producing a particular job under a job cost system is accumulated on a record called a * Manufacturing overhead is applied to jobs by means of a rate. 9. If actual manufacturing overhead was greater than the amount of manufacturing overhead applied to jobs, the Manufacturing Overhead account will have a balance and overhead is said to be 10 At the end of the year, any balance in the Manufacturing Overhead account should be eliminated as an adjustment to