Item$14$

$2$points

Time Remaining $1$ hour $32$ minutes $8$ seconds

$01$:$32$:$08$

Item $14$

Time Remaining $1$ hour $32$ minutes $8$ seconds

$01$:$32$:$08$

Which of the following statements is true?

Overhead can be applied slowly as a job is worked on$.$

Overhead can be applied when the job is completed.

Overhead should be applied to any job not completed at year$-$end in order to properly value the work in process inventory.

Multiple Choice

Only statement $1$ is true.

Only statement $2$ is true.

Statements $1,2,$ and $3$ are all true.

Both statements $1$ and $2$ are true.